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8LI%VXSJ 4YFPMG7TIEOMRK 8)28,)(-8-32
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&IPMRHE6YWWIPP 2SVXLIEWX1MWWMWWMTTM'SQQYRMX] 'SPPIKI (MERI6]ER 8MHI[EXIV'SQQYRMX]'SPPIKI 'EVE7GLSPPIRFIVKIV &YGOW'SYRX]'SQQYRMX]'SPPIKI 1MGLEIP.7LERRSR 1SVEMRI:EPPI]'SQQYRMX]'SPPIKI
%Q]67PEKIPP -S[E7XEXI9RMZIVWMX] /EVIR7PE[XIV 2SVXLIVR/IRXYGO] 9RMZIVWMX] /EXLIVMRI8E]PSV 9RMZIVWMX]SJ0SYMWZMPPI 0MWE8YVS[WOM 8S[WSR9RMZIVWMX]
.SWITL:EPIR^ERS 9RMZIVWMX]SJ2IZEHE0EW:IKEW )PM^EFIXL.:MGO 2SVXLIVR:MVKMRME'SQQYRMX] 'SPPIKI .MPP:SVER %RRI%VYRHIP'SQQYRMX]'SPPIKI 'EVPIIR=SOSXEOI 0II[EVH'SQQYRMX]'SPPIKI
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8LI%VXSJ 4YFPMG7TIEOMRK
0EWX,,IEH
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIEOMRKMR4YFPMG 8LI4S[IVSJ4YFPMG7TIEOMRK 8LI8VEHMXMSRSJ4YFPMG7TIEOMRK 7MQMPEVMXMIW&IX[IIR4YFPMG7TIEOMRKERH 'SRZIVWEXMSR (MJJIVIRGIW&IX[IIR4YFPMG7TIEOMRKERH 'SRZIVWEXMSR (IZIPSTMRK'SRJMHIRGI=SYV7TIIGL'PEWW 2IVZSYWRIWW-W2SVQEP (IEPMRK[MXL2IVZSYWRIWW
4YFPMG7TIEOMRKERH'VMXMGEP8LMROMRK 8LI7TIIGL'SQQYRMGEXMSR4VSGIWW 7TIEOIV 1IWWEKI 'LERRIP 0MWXIRIV *IIHFEGO -RXIVJIVIRGI 7MXYEXMSR 8LI7TIIGL'SQQYRMGEXMSR4VSGIWW )\EQTPI[MXL'SQQIRXEV]
4YFPMG7TIEOMRKMRE1YPXMGYPXYVEP;SVPH 'YPXYVEP(MZIVWMX]MRXLI1SHIVR;SVPH 'YPXYVEP(MZIVWMX]ERH4YFPMG7TIEOMRK %ZSMHMRK)XLRSGIRXVMWQ
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
VS[MRK YT MR VYVEP 8IRRIWWII :ER .SRIW LEH RS MRXIRXMSR SJ FIGSQMRK E TYFPMG WTIEOIV7XYH]MRKNSYVREPMWQEXXLI9RMZIVWMX]SJ8IRRIWWIIEX1EVXMRLILSTIHSRI HE]XSVITSVXXLIRI[WRSXXSQEOIMX2IZIVXLIPIWWLIWSSRJSYRHLMQWIPJHVE[R XSGEQTYWTSPMXMGWERHLIFIGEQIEZSGEPQIQFIVSJXLIWXYHIRXFSH] %JXIVEXXIRHMRKPE[WGLSSP.SRIWNSMRIHXLI7ER*VERGMWGSiFEWIH0E[]IVW'SQQMXXII JSV,YQER6MKLXW XS[SVO SRTVSFPIQWGSRJVSRXMRKMRRIVGMX]GSQQYRMXMIW% JI[]IEVW PEXIV LI IWXEFPMWLIH XLI )PPE &EOIV 'IRXIV JSV ,YQER 6MKLXW E RSRTVSJMX SVKERM^EXMSR HIHMGEXIHXSTVSQSXMRKSTTSVXYRMX]MRYVFER%QIVMGE &YX.SRIWHMHRt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qSRI SJ XLI QSWX TS[IVJYP ERH MRWTMVMRK TVSTLIXMG ZSMGIW SJ SYV XMQIr %YHMIRGIW EVI QSZIHqF]LMWLIEVXMRWTMVIHF]LMWGSQQMXQIRXERHVSGOIHF]LMWIPSUYIRGIr
+
-J ]SYLEH EWOIH:ER .SRIWIEVP] MRLMWPMJIq(S]SYWII]SYVWIPJEWEQENSV TYFPMG WTIEOIV#r LI TVSFEFP] [SYPH LEZI PEYKLIH EX XLI MHIE =IX XSHE] LI KMZIW QSVI XLER TVIWIRXEXMSRW E ]IEV %PSRK XLI [E] LI LEW PIGXYVIH EX ,EVZEVHERH'SPYQFMEERHLEWEHHVIWWIHXLI97'SRJIVIRGISJ1E]SVWXLI 2EXMSREP 7]QTSWMYQ SR 'PMQEXI 'LERKI ERH XLI ;SVPH )GSRSQMG *SVYQ 1SVI XLER E JI[ TYRHMXW LEZI WYKKIWXIH XLEX IPIGXMZI SJJMGI QMKLX FI MR LMW JYXYVI
8LI4S[IVSJ4YFPMG7TIEOMRK
GSRRIGXPYGEWGSQ :MI[.SLR*/IRRIH] 1EVXMR0YXLIV/MRK6SREPH 6IEKER&EVFEVE.SVHERERH SXLIVWTIEOIVWMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
8LVSYKLSYXLMWXSV]TISTPILEZIYWIHTYFPMGWTIEOMRKEWEZMXEPQIERWSJGSQ QYRMGEXMSR;LEXXLI+VIIOPIEHIV4IVMGPIWWEMHQSVIXLER]IEVWEKSMW WXMPPXVYIXSHE]q3RI[LSJSVQWENYHKQIRXSRER]TSMRXFYXGERRSXI\TPEMRr MX GPIEVP] qQMKLX EW [IPP RIZIV LEZI XLSYKLX EX EPP SR XLI WYFNIGXr 4YFPMG WTIEOMRKEWMXWREQIMQTPMIWMWE[E]SJQEOMRK]SYVMHIEWTYFPMGh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q8LEXtW JMRI+SSH JSVXLIQ&YX[LEXHSIWXLEXLEZIXSHS[MXLQI#-HSRtXTPERXSFIETVIWM HIRX SV E TVIEGLIV SV E GVYWEHIV JSV ER] GEYWIr 2IZIVXLIPIWW XLI RIIH JSV TYFPMGWTIEOMRK[MPPEPQSWXGIVXEMRP]XSYGL]SYWSQIXMQIMR]SYVPMJIhQE]FI XSQSVVS[QE]FIRSXJSVJMZI]IEVW'ER]SYMQEKMRI]SYVWIPJMRER]SJXLIWI WMXYEXMSRW#
',%48)6 74)%/-2+-249&0-'
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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hETIVJIGXXVMFYXIXS]SYVFSWW%JXIVXLIWTIIGLIZIV]SRIETTPEYHWIRXLYWMEWXMGEPP] ERHEJI[TISTPILEZIXIEVWMRXLIMVI]IW8LIJSPPS[MRK[IIO]SYEVIREQIHFVERGLQEREKIV
GSRRIGXPYGEWGSQ 8SVIEHXLI[SVHWSJJEQSYW WTIEOIVWPSKSRXSXLI8ST %QIVMGER7TIIGLIWSJ XLIXL'IRXYV]MRXLI SRPMRI6IWIEVGL0MFVEV]
*ERXEWMIW# 2SX VIEPP] %R] SJ XLIWI WMXYEXMSRW GSYPH SGGYV -R E WYVZI] SJ GSQTERMIW ERH TYFPMG SVKERM^EXMSRW GSQQYRMGEXMSR WOMPPWhMRGPYHMRK TYFPMG WTIEOMRKh[IVI VEROIH JMVWX EQSRK XLI TIVWSREP UYEPMXMIW SJ GSPPIKI KVEHYEXIW WSYKLX F] IQTPS]IVW -R ERSXLIV WYVZI] GSPPIKI KVEHYEXIW MR XLI [SVOJSVGI[IVIEWOIHXSVEROXLIWOMPPWQSWXIWWIRXMEPXSXLIMVGEVIIVHIZIPST QIRX;LEX[EWEXXLIXSTSJXLIMVPMWX#3VEPGSQQYRMGEXMSR 8LIMQTSVXERGISJWYGLWOMPPMWXVYIEGVSWWXLIFSEVHh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q8LIVIEVI QSVIEZIRYIWXSVIEGLTISTPIXLERIZIVFIJSVIFYXXLIVItWRSWYFWXMXYXIJSVJEGI XSJEGIGSQQYRMGEXMSRr8SFIWYGGIWWJYPWE]WFYWMRIWWPIEHIV1MHKI'SWXER^E ]SYQYWXLEZIqXLIEFMPMX]XSWXERHSR]SYVJIIXIMXLIVSRESRIXSSRIFEWMWSV FIJSVIEKVSYTERHQEOIETVIWIRXEXMSRXLEXMWGSRZMRGMRKERHFIPMIZEFPIr 8LIWEQIMWXVYIMRGSQQYRMX]PMJI4YFPMGWTIEOMRKMWEZMXEPQIERWSJGMZMG IRKEKIQIRX-XMWE[E]XSI\TVIWW]SYVMHIEWERHXSLEZIERMQTEGXSRMWWYIW XLEX QEXXIV MR WSGMIX] %W E JSVQ SJ IQTS[IVQIRX MX GERhERHSJXIR HSIWh QEOIEHMJJIVIRGIMRXLMRKWTISTPIGEVIEFSYXZIV]QYGL8LIOI]TLVEWILIVI MWqQEOIEHMJJIVIRGIr8LMWMW[LEXQSWXSJYW[ERXXSHSMRPMJIhXSQEOIE HMJJIVIRGIXSGLERKIXLI[SVPHMRWSQIWQEPP[E]4YFPMGWTIEOMRKSJJIVW]SY ERSTTSVXYRMX]XSQEOIEHMJJIVIRGIMRWSQIXLMRK]SYGEVIEFSYXZIV]QYGL
8LI8VEHMXMSRSJ4YFPMG7TIEOMRK
+MZIR XLI MQTSVXERGI SJ TYFPMG WTIEOMRK MXtW RSX WYVTVMWMRK XLEX MX LEW FIIR XEYKLXERHWXYHMIHEVSYRHXLIKPSFIJSVXLSYWERHWSJ]IEVW%PQSWXEPPGYPXYVIW LEZI ER IUYMZEPIRX SJ XLI )RKPMWL [SVH qSVEXSVr XS HIWMKREXI WSQISRI [MXL
8LI8VEHMXMSRSJ4YFPMG7TIEOMRK
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WTIGMEP WOMPPW MR TYFPMG WTIEOMRK 8LI SPHIWX ORS[R LERHFSSO SR IJJIGXMZI WTIIGL[EW[VMXXIRSRTET]VYWMR)K]TXWSQI]IEVWEKS)PSUYIRGI[EW LMKLP]TVM^IHMRERGMIRX-RHME%JVMGEERH'LMREEW[IPPEWEQSRKXLI%^XIGW ERHSXLIVTVI)YVSTIERGYPXYVIWSJ2SVXLERH7SYXL%QIVMGE -RGPEWWMGEP+VIIGIERH6SQITYFPMGWTIEOMRKTPE]IHEGIRXVEPVSPIMRIHY GEXMSRERHGMZMGPMJI -X[EWEPWSWXYHMIHI\XIRWMZIP]%VMWXSXPItW6LIXSVMGGSQ TSWIH HYVMRK XLI XLMVH GIRXYV] &') MW WXMPP GSRWMHIVIH XLI QSWX MQTSVXERX [SVOSRMXWWYFNIGXERHQER]SJMXWTVMRGMTPIWEVIJSPPS[IHF]WTIEOIVW ERH [VMXIVW XSHE]8LIKVIEX6SQERPIEHIV'MGIVSYWIHLMWWTIIGLIWXSHIJIRHPMF IVX]ERH[VSXIWIZIVEP[SVOWEFSYXSVEXSV]MRKIRIVEP 3ZIVXLIGIRXYVMIWQER]SXLIVRSXEFPIXLMROIVWLEZIHIEPX[MXLMWWYIWSJ VLIXSVMGWTIIGLERHPERKYEKIh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hERH XLI QSVI IJJIGXMZI ]SY [MPP FI MR PMWXIRMRK XS XLI WTIIGLIW SJ SXLIVTISTPI
7MQMPEVMXMIW&IX[IIR4YFPMG7TIEOMRKERH'SRZIVWEXMSR ,S[QYGLXMQIHS]SYWTIRHIEGLHE]XEPOMRK XSSXLIVTISTPI#8LIEZIVEKI EHYPXWTIRHWEFSYXTIVGIRXSJLIVSVLMW[EOMRKLSYVWMRGSRZIVWEXMSR&] XLIXMQI]SYVIEHXLMWFSSO]SY[MPPLEZIWTIRXQYGLSJ]SYVPMJITIVJIGXMRK XLIEVXSJGSRZIVWEXMSR=SYQE]RSXVIEPM^IMXFYX]SYEPVIEH]IQTPS]E[MHI VERKISJWOMPPW[LIRXEPOMRKXSTISTPI8LIWIWOMPPWMRGPYHIXLIJSPPS[MRK 3VKERM^MRK ]SYV XLSYKLXW PSKMGEPP] 7YTTSWI ]SY [IVI KMZMRK WSQISRI HMVIGXMSRWXSKIXXS]SYVLSYWI=SY[SYPHRtXHSMXXLMW[E] ;LIR]SYXYVRSJJXLILMKL[E]]SYtPPWIIEFMKHMRIVSRXLIPIJX&YXFIJSVIXLEXWXE] SRXLILMKL[E]XS)\MX9WYEPP]EGSYTPISJXLIRIMKLFSVWtHSKWEVIMRXLIWXVIIXWS KSWPS[EJXIV]SYXYVREXXLIFPMROMRKPMKLX'SQMRKJVSQ]SYVLSYWI]SYKIXSRXLI LMKL[E]XLVSYKL1ETPI7XVIIX-J]SYTEWWXLIXEGSWXERH]SYtZIKSRIXSSJEV8LI LSYWIMWFPYI
-RWXIEH]SY[SYPHXEOI]SYVPMWXIRIVW]WXIQEXMGEPP]WXITF]WXITJVSQLMWSV LIVLSYWIXS]SYVLSYWI=SY[SYPHSVKERM^I]SYVQIWWEKI 8EMPSVMRK ]SYV QIWWEKI XS ]SYV EYHMIRGI =SY EVI E KISPSK] QENSV 8[S TISTPIEWO]SYLS[TIEVPWEVIJSVQIH3RIMW]SYVVSSQQEXIXLISXLIVMW]SYV RMRI]IEVSPHRMIGI=SYERW[IVEWJSPPS[W 8S]SYVVSSQQEXIq;LIRER]MVVMXERXWE]EKVEMRSJWERHKIXWMRWMHIXLIS]WXIVtWWLIPP XLIS]WXIVEYXSQEXMGEPP]WIGVIXIWEWYFWXERGIGEPPIHREGVI[LMGLMWTVMRGMTEPP]GEPGMYQ
',%48)6 74)%/-2+-249&0-'
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1ER]WOMPPWYWIHMRGSRZIVWE XMSREPWSETTP]MRTYFPMG WTIEOMRK%W]SYPIEVRXS WTIEOQSVIIJJIGXMZIP]]SY QE]EPWSPIEVRXSGSQQYRMGEXI QSVIIJJIGXMZIP]MRSXLIV WMXYEXMSRW
GEVFSREXIERHMWXLIWEQIQEXIVMEPXLEXPMRIWXLIS]WXIVtWWLIPP8LIREGVIEGGYQYPEXIWMR PE]IVWEVSYRHXLIMVVMXERXGSVIXSJSVQXLITIEVPr 8S]SYVRMIGIq-QEKMRI]SYtVIERS]WXIVSRXLISGIERJPSSV%KVEMRSJWERHKIXWMRWMHI ]SYVWLIPPERHQEOIW]SYYRGSQJSVXEFPI7S]SYHIGMHIXSGSZIVMXYT=SYGSZIVMX[MXL EQEXIVMEPGEPPIHQSXLIVSJTIEVP8LIGSZIVMRKFYMPHWYTEVSYRHXLIKVEMRSJWERHXS QEOIETIEVPr
8 IPPMRK E WXSV] JSV QE\MQYQ MQTEGX 7YTTSWI ]SY EVI XIPPMRK E JVMIRH EFSYXEJYRR]MRGMHIRXEXPEWX[IIOtWJSSXFEPPKEQI=SYHSRtXFIKMR[MXLXLI TYRGL PMRI q/IMWLE JIPPSYXSJXLIWXERHWVMKLXSRXSXLIJMIPH ,IVItWLS[MX WXEVXIHr -RWXIEH]SYGEVIJYPP]FYMPHYT]SYVWXSV]EHNYWXMRK]SYV[SVHW ERHXSRISJZSMGIXSKIXXLIFIWXIJJIGX % HETXMRKXSPMWXIRIVJIIHFEGO;LIRIZIV]SYXEPO[MXLWSQISRI]SYEVI E[EVISJXLEXTIVWSRtWZIVFEPJEGMEPERHTL]WMGEPVIEGXMSRW*SVI\EQTPI =SYEVII\TPEMRMRKERMRXIVIWXMRKTSMRXXLEXGEQIYTMRFMSPSK]GPEWW=SYVPMWXIRIVFIKMRW XSPSSOGSRJYWIHTYXWYTELERHEWXLSYKLXSWXST]SYERHWE]Wq,YL#r=SYKSFEGO ERHI\TPEMRQSVIGPIEVP] %JVMIRHLEWEWOIH]SYXSPMWXIR[LMPIWLITVEGXMGIWEWTIIGL%XXLIIRH]SYXIPPLIV q8LIVItWNYWXSRITEVX-VIEPP]HSRtXPMOIhXLEXUYSXEXMSRJVSQXLIEXXSVRI]KIRIVEPr=SYV JVMIRHPSSOWZIV]LYVXERHWE]Wq8LEX[EWQ]JEZSVMXITEVXr7S]SYWE]q&YXMJ]SYNYWX [SVOIHXLIUYSXEXMSRMREPMXXPIHMJJIVIRXP]MX[SYPHFI[SRHIVJYPr
)EGL HE] MR GEWYEP GSRZIVWEXMSR ]SY HS EPP XLIWI XLMRKW QER] XMQIW [MXLSYX XLMROMRK EFSYX XLIQ =SY EPVIEH] TSWWIWW XLIWI GSQQYRMGEXMSR WOMPPW%RHXLIWIEVIEQSRKXLIQSWXMQTSVXERXWOMPPW]SY[MPPRIIHJSVTYFPMG WTIEOMRK
7MQMPEVMXMIW&IX[IIR4YFPMG7TIEOMRKERH'SRZIVWEXMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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',%48)6 74)%/-2+-249&0-'
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
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8LI1G+VE[n,MPP 'SQTERMIW
4 YFPMG WTIEOMRK VIUYMVIW E HMJJIVIRX QIXLSH SJ HIPMZIV] ;LIR GSRZIVWMRK MRJSVQEPP]QSWXTISTPIXEPOUYMIXP]MRXIVNIGXWXSGOTLVEWIWWYGLEWqPMOIrERH q]SYORS[rEHSTXEGEWYEPTSWXYVIERHYWI[LEXEVIGEPPIHZSGEPM^IHTEYWIW qYLrqIVrqYQr )JJIGXMZITYFPMGWTIEOIVWLS[IZIVEHNYWXXLIMVZSMGIWXSFI LIEVH GPIEVP] XLVSYKLSYX XLI EYHMIRGI 8LI] EWWYQI E QSVI IVIGX TSWXYVI 8LI]EZSMHHMWXVEGXMRKQERRIVMWQWERHZIVFEPLEFMXW ;MXLWXYH]ERHTVEGXMGI]SY[MPPFIEFPIXSQEWXIVXLIWIHMJJIVIRGIWERH I\TERH ]SYV GSRZIVWEXMSREP WOMPPW MRXS WTIIGLQEOMRK =SYV WTIIGL GPEWW [MPP TVSZMHIXLISTTSVXYRMX]JSVXLMWWXYH]ERHTVEGXMGI
(IZIPSTMRK'SRJMHIRGI=SYV7TIIGL'PEWW
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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7TIEOMRKMR4YFPMG
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6EXLIVXLERXV]MRKXSIPMQMREXIIZIV]XVEGISJWXEKIJVMKLX]SYWLSYPHEMQEXXVERW JSVQMRKMXJVSQERIKEXMZIJSVGIMRXS[LEXSRII\TIVXGEPPWTSWMXMZIRIVZSYWRIWWhqE ^IWX]IRXLYWMEWXMGPMZIP]JIIPMRK[MXLEWPMKLXIHKIXSMX-XtWWXMPPRIVZSYWRIWW FYXMXJIIPWHMJJIVIRX=SYtVIRSPSRKIVZMGXMQM^IHF]MXMRWXIEH]SYtVIZMXEPM^IH F]MX=SYtVIMRGSRXVSPSJMXr (SRtXXLMROSJ]SYVWIPJEWLEZMRKWXEKIJVMKLX-RWXIEHXLMROSJMXEWqWXEKI I\GMXIQIRXr SV qWXEKI IRXLYWMEWQr -X GER LIPT ]SY KIX JSGYWIH ERH IRIV KM^IHMRXLIWEQI[E]XLEXMXLIPTWEXLPIXIWQYWMGMERWERHSXLIVWKIXTVMQIH JSV E KEQI SV E GSRGIVX 8LMRO SJ MX EW E RSVQEP TEVX SJ KMZMRK E WYGGIWWJYP WTIIGL ,IVIEVIWM\XMQIXIWXIH[E]W]SYGERXYVR]SYVRIVZSYWRIWWJVSQERIKE XMZIJSVGIMRXSETSWMXMZISRI
%GUYMVI7TIEOMRK)\TIVMIRGI =SY LEZI EPVIEH] XEOIR XLI JMVWX WXIT =SY EVI IRVSPPIH MR E TYFPMG WTIEOMRK GSYVWI [LIVI ]SY [MPP PIEVR EFSYX WTIIGLQEOMRK ERH KEMR WTIEOMRK I\TIVM IRGI8LMROFEGOXS]SYVJMVWXHE]EXOMRHIVKEVXIR]SYVJMVWXHEXI]SYVJMVWXHE]
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIRIIHJSVTYFPMGWTIEOMRK EVMWIWMRQER]WMXYEXMSRW,IVI (V.MQ8LSQEWI\TPEMRWXLI WYVKMGEPTVSGIHYVIWYWIHMRE TMSRIIVMRKSTIVEXMSREX 'LMPHVIRtW1IHMGEP'IRXIVMR (EPPEW8I\EW
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(IZIPSTMRK'SRJMHIRGI=SYV7TIIGL'PEWW
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
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8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-J]SYEVI[SRHIVMRK[LEXXLMWLEWXSHS[MXL]SYVTYFPMGWTIEOMRKGPEWW XLIERW[IVMWUYMXIEPSX%WXLIGPEWWTVSGIIHW]SY[MPPTVSFEFP]WTIRHEKSSH HIEP SJ XMQI SVKERM^MRK ]SYV WTIIGLIW ;LMPI XLMW QE] WIIQ PMOI E TYVIP] QIGLERMGEPI\IVGMWIMXMWGPSWIP]MRXIV[SZIR[MXLGVMXMGEPXLMROMRK-JXLIWXVYG XYVISJ]SYVWTIIGLMWHMWNSMRXIHERHGSRJYWIHSHHWEVIXLEX]SYVXLMROMRKMW EPWSHMWNSMRXIHERHGSRJYWIH-JSRXLISXLIVLERHXLIWXVYGXYVIMWGPIEVERH GSLIWMZIXLIVIMWEKSSHGLERGI]SYVXLMROMRKMWXSS3VKERM^MRKEWTIIGLMW RSXNYWXEQEXXIVSJEVVERKMRKXLIMHIEW]SYEPVIEH]LEZI6EXLIVMXMWERMQTSV XERXTEVXSJWLETMRKXLIMHIEWXLIQWIPZIW ;LEXMWXVYISJSVKERM^EXMSRMWXVYISJQER]EWTIGXWSJTYFPMGWTIEOMRK8LI WOMPPW ]SY PIEVR MR ]SYV WTIIGL GPEWW GER LIPT ]SY FIGSQI E QSVI IJJIGXMZI XLMROIVMRERYQFIV SJ[E]W %W]SY [SVOSRI\TVIWWMRK]SYVMHIEWMRGPIEV EGGYVEXI PERKYEKI ]SY [MPP IRLERGI ]SYV EFMPMX] XS XLMRO GPIEVP] ERH EGGY VEXIP]%W]SYWXYH]XLIVSPISJIZMHIRGIERHVIEWSRMRKMRWTIIGLQEOMRK]SY [MPPWIILS[XLI]GERFIYWIHMRSXLIVJSVQWSJGSQQYRMGEXMSREW[IPP%W]SY PIEVRXSPMWXIRGVMXMGEPP]XSWTIIGLIWMRGPEWW]SY[MPPFIFIXXIVEFPIXSEWWIWWXLI MHIEWSJWTIEOIVW ERH[VMXIVW MREZEVMIX]SJWMXYEXMSRW 8SVIXYVRXSXLII\EQTPIWEXXLIFIKMRRMRKSJXLMWWIGXMSR 8LIKY]EXXLITEVX]PEWXRMKLXh[SYPH[IPPLSRIHGVMXMGEPXLMROMRKWOMPPWLIPT]SYJMRH XLILSPIWMRLMWEVKYQIRX# 8LIXIVQTETIVh[SYPHFIXXIVSVKERM^EXMSRERHEGPIEVSYXPMRILIPTTYPPMXXSKIXLIV# 4SPMXMGEPWTIIGLIWhSRGI]SYKIXTEWXXLIWPSKERWEVIXLIGERHMHEXIWHVE[MRKZEPMH GSRGPYWMSRWJVSQWSYRHIZMHIRGI#
-J]SYXEOIJYPPEHZERXEKISJ]SYVWTIIGLGPEWW]SY[MPPFIEFPIXSIRLERGI ]SYVWOMPPWEWEGVMXMGEPXLMROIVMRQER]GMVGYQWXERGIW8LMWMWSRIVIEWSRTYF PMG WTIEOMRK LEW FIIR VIKEVHIH EW E ZMXEP TEVX SJ IHYGEXMSR WMRGI XLI HE]W SJ ERGMIRX+VIIGI
8LI7TIIGL'SQQYRMGEXMSR4VSGIWW
%W]SYFIKMR]SYVJMVWXWTIIGLIW]SYQE]JMRHMXLIPTJYPXSYRHIVWXERH[LEX KSIW SR [LIR SRI TIVWSR XEPOW XS ERSXLIV 6IKEVHPIWW SJ XLI OMRH SJ WTIIGL GSQQYRMGEXMSR MRZSPZIH XLIVI EVI WIZIR IPIQIRXWhWTIEOIV QIWWEKI GLER RIPPMWXIRIVJIIHFEGOMRXIVJIVIRGIERHWMXYEXMSR,IVI[IWLEPPJSGYWSRLS[ XLIWIIPIQIRXWMRXIVEGX[LIRETYFPMGWTIEOIVEHHVIWWIWEREYHMIRGI
74)%/)6 7TIIGLGSQQYRMGEXMSRFIKMRW[MXLEWTIEOIV-J]SYTMGOYTXLIXIPITLSRIERH WTIEOIV GEPPEJVMIRH]SYEVIEGXMRKEWEWTIEOIV 3JGSYVWI]SY[MPPEPWSEGXEWEPMW 8LITIVWSR[LSMWTVIWIRXMRK XIRIV[LIR]SYVJVMIRHMWXEPOMRK -RTYFPMGWTIEOMRK]SY[MPPYWYEPP]TVIWIRX ERSVEPQIWWEKIXSEPMWXIRIV ]SYVIRXMVIWTIIGL[MXLSYXMRXIVVYTXMSR =SYV WYGGIWW EW E WTIEOIV HITIRHW SR ]SYhSR ]SYV TIVWSREP GVIHMFMPMX] ]SYVORS[PIHKISJXLIWYFNIGX]SYVTVITEVEXMSRSJXLIWTIIGL]SYVQERRIVSJ WTIEOMRK ]SYV WIRWMXMZMX] XS XLI EYHMIRGI ERH XLI SGGEWMSR &YX WYGGIWWJYP WTIEOMRKEPWSVIUYMVIWIRXLYWMEWQ=SYGERtXI\TIGXTISTPIXSFIMRXIVIWXIHMR [LEX]SYWE]YRPIWW]SYEVIMRXIVIWXIH]SYVWIPJ-J]SYEVIXVYP]I\GMXIHEFSYX
8LI7TIIGL'SQQYRMGEXMSR4VSGIWW
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
]SYVWYFNIGX]SYVEYHMIRGIMWEPQSWXWYVIXSKIXI\GMXIHEPSRK[MXL]SY=SY GERPIEVREPPXLIXIGLRMUYIWSJIJJIGXMZIWTIIGLQEOMRKFYXFIJSVIXLI]GERFI SJ QYGL YWI ]SY QYWX JMVWX LEZI WSQIXLMRK XS WE]hWSQIXLMRK XLEX WTEVOW ]SYVS[RIRXLYWMEWQ
1)77%+) QIWWEKI ;LEXIZIVEWTIEOIV GSQQYRMGEXIWXSWSQISRIIPWI
8LIQIWWEKIMW[LEXIZIVEWTIEOIVGSQQYRMGEXIWXSWSQISRIIPWI-J]SYEVI GEPPMRK E JVMIRH ]SY QMKLX WE] q-tPP FI E PMXXPI PEXI TMGOMRK ]SY YT XSRMKLXr 8LEX MW XLI QIWWEKI &YX MX QE] RSX FI XLI SRP] QIWWEKI 4IVLETW XLIVI MW E GIVXEMRXSRIMR]SYVZSMGIXLEXWYKKIWXWVIPYGXERGILIWMXEXMSR8LIYRHIVP]MRK QIWWEKIQMKLXFIq-VIEPP]HSRtX[ERXXSKSXSXLEXTEVX]=SYXEPOIHQIMRXS MXFYX-tQKSMRKXSTYXMXSJJEWPSRKEW-GERr =SYVKSEPMRTYFPMGWTIEOMRKMWXSLEZI]SYVMRXIRHIHQIWWEKIFIXLIQIW WEKIXLEXMWEGXYEPP]GSQQYRMGEXIH%GLMIZMRKXLMWHITIRHWFSXLSR[LEX]SY WE] XLIZIVFEPQIWWEKI ERHSRLS[]SYWE]MX XLIRSRZIVFEPQIWWEKI +IXXMRKXLIZIVFEPQIWWEKINYWXVMKLXVIUYMVIW[SVO=SYQYWXREVVS[]SYV XSTMGHS[RXSWSQIXLMRK]SYGERHMWGYWWEHIUYEXIP]MRXLIXMQIEPPS[IHJSV XLIWTIIGL=SYQYWXHSVIWIEVGLERHGLSSWIWYTTSVXMRKHIXEMPWXSQEOI]SYV MHIEWGPIEVERHGSRZMRGMRK=SYQYWXSVKERM^I]SYVMHIEWWSPMWXIRIVWGERJSP PS[XLIQ[MXLSYXKIXXMRKPSWX%RH]SYQYWXI\TVIWW]SYVQIWWEKIMR[SVHW XLEXEVIEGGYVEXIGPIEVZMZMHERHETTVSTVMEXI &IWMHIWXLIQIWWEKI]SYWIRH[MXL[SVHW]SYWIRHEQIWWEKI[MXL]SYV XSRISJZSMGIETTIEVERGIKIWXYVIWJEGMEPI\TVIWWMSRERHI]IGSRXEGX-QEKMRI XLEXSRISJ]SYVGPEWWQEXIWKIXWYTXSWTIEOEFSYXWXYHIRXPSERW8LVSYKLSYX LIVWTIIGLWLIWPYQTWFILMRHXLIPIGXIVRXEOIWPSRKTEYWIWXSVIQIQFIV[LEX WLI [ERXW XS WE] WXEVIW EX XLI GIMPMRK ERH JYQFPIW [MXL LIV ZMWYEP EMHW ,IV MRXIRHIHQIWWEKIMWq;IQYWXQEOIQSVIQSRI]EZEMPEFPIJSVWXYHIRXPSERWr &YXXLIQIWWEKIWLIEGXYEPP]GSQQYRMGEXIWMWq-LEZIRtXTVITEVIHZIV][IPPJSV XLMWWTIIGLr3RISJ]SYVNSFWEWEWTIEOIVMWXSQEOIWYVI]SYVRSRZIVFEPQIW WEKIHSIWRSXHMWXVEGXJVSQ]SYVZIVFEPQIWWEKI
',%22)0
GLERRIP 8LIQIERWF][LMGLEQIWWEKI MWGSQQYRMGEXIH
8LI GLERRIP MW XLI QIERW F] [LMGL E QIWWEKI MW GSQQYRMGEXIH ;LIR ]SY TMGOYTXLITLSRIXSGEPPEJVMIRHXLIXIPITLSRIMWXLIGLERRIP4YFPMGWTIEOIVW QE]YWISRISVQSVISJWIZIVEPGLERRIPWIEGLSJ[LMGL[MPPEJJIGXXLIQIWWEKI VIGIMZIHF]XLIEYHMIRGI 'SRWMHIVEWTIIGLXS'SRKVIWWF]XLI4VIWMHIRXSJXLI9RMXIH7XEXIW8LI WTIIGLMWGEVVMIHXSXLIREXMSRF]XLIGLERRIPWSJVEHMSERHXIPIZMWMSR*SVXLI VEHMSEYHMIRGIXLIQIWWEKIMWGSRZI]IHIRXMVIP]F]XLI4VIWMHIRXtWZSMGI*SV XLIXIPIZMWMSREYHMIRGIXLIQIWWEKIMWGSRZI]IHF]FSXLXLI4VIWMHIRXtWZSMGI ERHXLIXIPIZMWIHMQEKI8LITISTPIMR'SRKVIWWLEZIEQSVIHMVIGXGLERRIP 8LI]RSXSRP]LIEVXLI4VIWMHIRXtWZSMGIEWEQTPMJMIHXLVSYKLEQMGVSTLSRI FYXXLI]EPWSWIILMQERHXLIWIXXMRKJMVWXLERH -RETYFPMGWTIEOMRKGPEWW]SYVGLERRIPMWXLIQSWXHMVIGXSJEPP=SYVGPEWW QEXIW[MPPWII]SYERHLIEV]SY[MXLSYXER]IPIGXVSRMGMRXIVZIRXMSR
0-78)2)6 PMWXIRIV 8LITIVWSR[LSVIGIMZIWXLI WTIEOIVtWQIWWEKI
8LIPMWXIRIVMWXLITIVWSR[LSVIGIMZIWXLIGSQQYRMGEXIHQIWWEKI;MXLSYXE PMWXIRIVXLIVIMWRSGSQQYRMGEXMSR;LIR]SYXEPOXSEJVMIRHSRXLITLSRI ]SYLEZISRIPMWXIRIV-RTYFPMGWTIEOMRK]SY[MPPLEZIQER]PMWXIRIVW
',%48)6 74)%/-2+-249&0-'
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIGVMXMGEPXLMROMRKWOMPPW]SY HIZIPSTMRVIWIEVGLMRKERH SVKERM^MRK]SYVWTIIGLIWGER FIETTPMIHMRQER]JSVQWSJ GSQQYRMGEXMSRMRGPYHMRK QIIXMRKWERHKVSYTTVSNIGXW
)ZIV]XLMRKEWTIEOIVWE]WMWJMPXIVIHXLVSYKLEPMWXIRIVtWJVEQISJVIJIVIRGIh XLI XSXEP SJ LMW SV LIV ORS[PIHKI I\TIVMIRGI KSEPW ZEPYIW ERH EXXMXYHIW &IGEYWI E WTIEOIV ERH E PMWXIRIV EVI HMJJIVIRX TISTPI XLI] GER RIZIV LEZI I\EGXP]XLIWEQIJVEQISJVIJIVIRGI%RHFIGEYWIEPMWXIRIVtWJVEQISJVIJIVIRGI GER RIZIV FI I\EGXP] XLI WEQI EW E WTIEOIVtW XLI QIERMRK SJ E QIWWEKI [MPP RIZIVFII\EGXP]XLIWEQIXSEPMWXIRIVEWXSEWTIEOIV =SYGERIEWMP]XIWXXLIMQTEGXSJHMJJIVIRXJVEQIWSJVIJIVIRGI%WOIEGLSJ ]SYVGPEWWQEXIWXSHIWGVMFIEGLEMV-J]SYLEZIGPEWWQEXIW]SYtPPTVSFEFP] KIX HMJJIVIRX HIWGVMTXMSRW 3RI WXYHIRX QMKLX TMGXYVI E PEVKI SZIVWXYJJIH IEW] GLEMV ERSXLIV ER IPIKERX WXVEMKLXFEGOIH GLEMV ]IX ERSXLIV ER SJJMGI GLEMV E JSYVXL E VSGOMRK GLEMV ERH WS SR )ZIR MJ X[S SV QSVI IRZMWMSR XLI WEQI KIRIVEP X]TIhWE] E VSGOMRK GLEMVhXLIMV QIRXEP MQEKIW SJ XLI GLEMV GSYPH WXMPP FI HMJJIVIRX 3RI QMKLX FI XLMROMRK SJ ER IEVP] %QIVMGER VSGOIV ERSXLIVSJEQSHIVR7GERHMREZMERVSGOIVhXLITSWWMFMPMXMIWEVIYRPMQMXIH%RH qGLEMVrMWEJEMVP]WMQTPIGSRGITX;LEXEFSYXqTEXVMSXMWQrSVqJVIIHSQr# &IGEYWI TISTPI LEZI HMJJIVIRX JVEQIW SJ VIJIVIRGI E TYFPMG WTIEOIV QYWX XEOIKVIEXGEVIXSEHETXXLIQIWWEKIXSXLITEVXMGYPEVEYHMIRGIFIMRKEHHVIWWIH 8SFIERIJJIGXMZIWTIEOIV]SYQYWXFIEYHMIRGIGIRXIVIH=SY[MPPUYMGOP]PSWI ]SYVPMWXIRIVWtEXXIRXMSRMJ]SYVTVIWIRXEXMSRMWIMXLIVXSSFEWMGSVXSSWSTLMWXM GEXIH=SY[MPPEPWSPSWI]SYVEYHMIRGIMJ]SYHSRSXVIPEXIXSXLIMVI\TIVMIRGI MRXIVIWXWORS[PIHKIERHZEPYIW;LIR]SYQEOIEWTIIGLXLEXGEYWIWPMWXIRIVW XSWE]q8LEXMWMQTSVXERXXSQIr]SY[MPPEPQSWXEP[E]WFIWYGGIWWJYP
JVEQISJVIJIVIRGI 8LIWYQSJETIVWSRtW ORS[PIHKII\TIVMIRGIKSEPW ZEPYIWERHEXXMXYHIW2SX[S TISTPIGERLEZII\EGXP]XLI WEQIJVEQISJVIJIVIRGI
*))(&%'/ ;LIRXLI4VIWMHIRXEHHVIWWIWXLIREXMSRSRXIPIZMWMSRLIMWIRKEKIHMRSRI [E]GSQQYRMGEXMSR=SYGERXEPOFEGOXSXLIXIPIZMWMSRWIXFYXXLI4VIWMHIRX [SRtX LIEV ]SY 1SWX WMXYEXMSRW LS[IZIV MRZSPZI X[S[E] GSQQYRMGEXMSR =SYV PMWXIRIVW HSRtX WMQTP] EFWSVF ]SYV QIWWEKI PMOI LYQER WTSRKIW 8LI] WIRHFEGOQIWWEKIWSJXLIMVS[R8LIWIQIWWEKIWEVIGEPPIHJIIHFEGO
JIIHFEGO 8LIQIWWEKIWYWYEPP] RSRZIVFEPWIRXJVSQEPMWXIRIV XSEWTIEOIV
8LI7TIIGL'SQQYRMGEXMSR4VSGIWW
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-R TYFPMGWTIEOMRK XLIVIMWTPIRX] SJJIIHFEGOXSPIX]SYORS[LS[ ]SYV QIWWEKI MW FIMRK VIGIMZIH (S ]SYV PMWXIRIVW PIER JSV[EVH MR XLIMV WIEXW EW MJ TE]MRKGPSWIEXXIRXMSR#(SXLI] ETTPEYHMRETTVSZEP#(SXLI]PEYKL EX]SYV NSOIW#(SXLI]LEZIUYM^^MGEPPSSOWSRXLIMVJEGIW#(SXLI]WLYJJPIXLIMVJIIX ERHKE^IEXXLIGPSGO#8LIQIWWEKIWIRXF]XLIWIVIEGXMSRWGSYPHFIq-EQJEW GMREXIHr q- EQ FSVIHr q- EKVII [MXL ]SYr q- HSRtX EKVII [MXL ]SYr SV ER] RYQFIV SJ SXLIVW %W E WTIEOIV ]SY RIIH XS FI EPIVX XS XLIWI VIEGXMSRW ERH EHNYWX]SYVQIWWEKIEGGSVHMRKP] 0MOIER]OMRHSJGSQQYRMGEXMSRJIIHFEGOMWEJJIGXIHF]SRItWJVEQISJ VIJIVIRGI ,S[ [SYPH ]SY JIIP MJ MQQIHMEXIP] EJXIV ]SYV WTIIGL EPP ]SYV GPEWWQEXIWWXEVXIHXSVETXLIMVORYGOPIWSRXLIHIWOW#;SYPH]SYVYRSYXSJ XLIVSSQMRHIWTEMV#2SXMJ]SY[IVIMRE)YVSTIERYRMZIVWMX]-RQER]TEVXW SJ)YVSTIWXYHIRXWVETXLIMVORYGOPIWSRXLIMVHIWOWXSWLS[EHQMVEXMSRJSV E GPEWWVSSQ PIGXYVI =SY QYWX YRHIVWXERH XLI JIIHFEGO XS FI EFPI XS HIEP [MXLMX
-28)6*)6)2')
MRXIVJIVIRGI %R]XLMRKXLEXMQTIHIWXLI GSQQYRMGEXMSRSJEQIWWEKI -RXIVJIVIRGIGERFII\XIVREPSV MRXIVREPXSPMWXIRIVW
-RXIVJIVIRGI MW ER]XLMRK XLEX MQTIHIW XLI GSQQYRMGEXMSR SJ E QIWWEKI ;LIR ]SY XEPO SR XLI XIPITLSRI WSQIXMQIW XLIVI MW WXEXMG SV [MVIW KIX GVSWWIH WS XLEX X[S HMJJIVIRX GSRZIVWEXMSRW EVI KSMRK SR EX SRGI 8LEX MW E OMRHSJMRXIVJIVIRGI -RTYFPMGWTIEOMRKXLIVIEVIX[SOMRHWSJMRXIVJIVIRGI3RIPMOIXLIWXEXMG SV GVSWWIH [MVIW MR E TLSRI GSRZIVWEXMSR MW I\XIVREP XS XLI EYHMIRGI 1ER] GPEWWVSSQW EVI WYFNIGX XS XLMW OMRH SJ MRXIVJIVIRGIhJVSQ XVEJJMG SYXWMHI XLI FYMPHMRKXLIGPEXXIVSJEVEHMEXSVWXYHIRXWGSRZIVWMRKMRXLILEPPEVSSQXLEX MWWXMJPMRKLSXSVJVII^MRKGSPH%R]SJXLIWIGERHMWXVEGXPMWXIRIVWJVSQ[LEX]SY EVIWE]MRK %WIGSRHOMRHSJMRXIVJIVIRGIMWMRXIVREPERHGSQIWJVSQ[MXLMR]SYVEYHM IRGI4IVLETWSRISJ]SYVPMWXIRIVWLEWEXSSXLEGLI7LIQE]FIWSHMWXVEGXIH F] XLI TEMR XLEX WLI HSIWRtX TE] EXXIRXMSR XS ]SYV WTIIGL %RSXLIV PMWXIRIV GSYPHFI[SVV]MRKEFSYXEXIWXMRXLIRI\XGPEWWTIVMSH=IXERSXLIVGSYPHFI FVSSHMRKEFSYXEREVKYQIRX[MXLLMWKMVPJVMIRH %W EWTIEOIV ]SYQYWXXV]XSLSPH]SYV PMWXIRIVWt EXXIRXMSR HIWTMXIXLIWI ZEVMSYWOMRHWSJMRXIVJIVIRGI-RXLIGLETXIVW XLEXJSPPS[]SY[MPPJMRHQER] [E]WXSHSXLMW
7-89%8-32 WMXYEXMSR 8LIXMQIERHTPEGIMR[LMGL WTIIGLGSQQYRMGEXMSRSGGYVW
8LI WMXYEXMSR MW XLI XMQI ERH TPEGI MR [LMGL WTIIGL GSQQYRMGEXMSR SGGYVW 'SRZIVWEXMSREP[E]WXEOIWTPEGIMREGIVXEMRWMXYEXMSR7SQIXMQIWXLIWMXYEXMSR LIPTWhEW [LIR ]SY TVSTSWI QEVVMEKI SZIV ER MRXMQEXI GERHPIPMKLX HMRRIV 3XLIVXMQIWMXQE]LYVXhEW[LIR]SYXV]XSWTIEO[SVHWSJPSZIMRGSQTIXM XMSR[MXLEFPEVMRKWXIVIS;LIR]SYLEZIXSXEPO[MXLWSQISRIEFSYXEXSYGL] MWWYI]SYYWYEPP][EMXYRXMPXLIWMXYEXMSRMWNYWXVMKLX 4YFPMG WTIEOIVW QYWX EPWS FI EPIVX XS XLI WMXYEXMSR 'IVXEMR SGGEWMSRWh JYRIVEPW GLYVGL WIVZMGIW KVEHYEXMSR GIVIQSRMIWhVIUYMVI GIVXEMR OMRHW SJ WTIIGLIW4L]WMGEPWIXXMRKMWEPWSMQTSVXERX-XQEOIWEKVIEXHIEPSJHMJJIVIRGI [LIXLIVEWTIIGLMWTVIWIRXIHMRHSSVWSVSYXMREWQEPPGPEWWVSSQSVMREK]Q REWMYQ XS E HIRWIP] TEGOIH GVS[H SV XS E LERHJYP SJ WGEXXIVIH WSYPW ;LIR ]SYEHNYWXXSXLIWMXYEXMSRSJETYFPMGWTIIGL]SYEVISRP]HSMRKSREPEVKIV WGEPI[LEX]SYHSIZIV]HE]MRGSRZIVWEXMSR
',%48)6 74)%/-2+-249&0-'
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
d*-+96)
7MXYEXMSR
',%2
2)0
-RXIVJIVIRGI 7MXYEXMSR
2S[PIXYWPSSOEXEGSQTPIXIQSHIPSJXLIWTIIGLGSQQYRMGEXMSRTVSGIWW EWWLS[RMR*MKYVI EFSZI
8,)74))','31192-'%8-32463')77 )YWWQERr&YXXLIWTIEOIVHSIWRtXWLEOILERHW [MXL2EHMRI,IHSIWRtXIZIRPSSOEXLIVhNYWXXYVRWLMWFEGOERHPIEZIWXLI TSHMYQ-W2EHMRIVIEPP]LMWqZIV]HIEVJVMIRHr#'IVXEMRP]RSX %XXIRXMZIPMWXIRIVWGERTMGOYTEPPOMRHWSJGPYIWXSEWTIEOIVtWVIEPQIWWEKI %XJMVWX]SYQE]JMRHMXHMJJMGYPXXSPMWXIRWSMRXIRXP]-J]SY[SVOEXMXLS[IZIV ]SYVGSRGIRXVEXMSRMWFSYRHXSMQTVSZI
(32t8&)(-:)68)(&=%44)%6%2')36()0-:)6= -J]SYLEHEXXIRHIH%FVELEQ0MRGSPRtWQSQIRXSYW'SSTIV9RMSRWTIIGLSJ XLMWMW[LEX]SY[SYPHLEZIWIIR 8LIPSRKYRKEMRP]JMKYVIYTSR[LMGLLYRKGPSXLIWXLEX[LMPIRI[JSVXLMWXVMT[IVI IZMHIRXP] XLI [SVO SJER YRWOMPPIH XEMPSVXLIPEVKI JIIX ERHGPYQW]LERHW SJ [LMGL EX XLI SYXWIX EX PIEWX XLI SVEXSV WIIQIH XS FI YRHYP] GSRWGMSYW XLI PSRK KEYRX LIEH GETTIHF]EWLSGOSJLEMVXLEXWIIQIHRSXXSLEZIFIIRXLSVSYKLP]FVYWLIHSYXQEHI ETMGXYVI[LMGLHMHRSXJMXMR[MXL2I[=SVOtWGSRGITXMSRSJEJMRMWLIHWXEXIWQER
&YX EPXLSYKL LI WIIQIH E[O[EVH ERH YRGYPXMZEXIH 0MRGSPR LEH E TS[IVJYP QIWWEKIEFSYXXLIQSVEPIZMPWSJWPEZIV]*SVXYREXIP]XLIEYHMIRGIEX'SSTIV 9RMSRHMHRSXPIXLMWETTIEVERGIWXERHMRXLI[E]SJLMW[SVHW 7MQMPEVP]]SYQYWXFI[MPPMRKXSWIXEWMHITVIGSRGIMZIHNYHKQIRXWFEWIH SRETIVWSRtWPSSOWSVQERRIVSJWTIIGL+ERHLM[EWERYRMQTVIWWMZIPSSOMRK QER[LSSJXIRWTSOIHVIWWIHMREWMQTPI[LMXIGSXXSRGPSXL6IRS[RIHTL]W MGMWX7XITLIR,E[OMRKMWWIZIVIP]HMWEFPIHERHGERWTIEOSRP][MXLXLIEMHSJ E ZSMGIW]RXLIWM^IV =IXMQEKMRI LS[ QYGLTSSVIVXLI [SVPH [SYPH FI MJ RS SRI PMWXIRIH XS XLIQ )ZIR XLSYKL MX QE] XE\ ]SYV XSPIVERGI TEXMIRGI ERH GSRGIRXVEXMSRHSRtXPIXRIKEXMZIJIIPMRKWEFSYXEWTIEOIVtWETTIEVERGISVHIPMZ IV]OIIT]SYJVSQPMWXIRMRKXSXLIQIWWEKI 3RXLISXLIVLERHXV]RSXXSFIQMWPIHMJXLIWTIEOIVLEWERYRYWYEPP]EXXVEG XMZIETTIEVERGI-XtWEPPXSSIEW]XSEWWYQIXLEXFIGEYWIWSQISRIMWKSSHPSSOMRK ERH LEW E TSPMWLIH HIPMZIV] LI SV WLI MW WTIEOMRK IPSUYIRXP] 7SQI SJ XLI QSWX YRWGVYTYPSYWWTIEOIVWMRLMWXSV]LEZIFIIRLERHWSQITISTPI[MXLL]TRSXMGHIPMZIV] WOMPPW%KEMRFIWYVI]SYVIWTSRHXSXLIQIWWEKIRSXXSXLITEGOEKIMXGSQIWMR
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0MWXIRMRK
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7IPIGXMRKE8STMGERHE 4YVTSWI
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7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
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tW I\TIVMIRGI LEH KMZIR
WTIGMJMGTYVTSWI %WMRKPIMRJMRMXMZITLVEWIXLEX WXEXIWTVIGMWIP][LEXEWTIEOIV LSTIWXSEGGSQTPMWLMRLMWSV LIVWTIIGL
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
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8LI1G+VE[n,MPP 'SQTERMIW
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7IPIGXMRKE8STMGERHE 4YVTSWI
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% PP FYX SRI SJ XLI WXYHIRXW [LS LEH IRKEKIH MR ZSPYRXIIV [SVO VEXIH MX qZIV]VI[EVHMRKrSVqWSQI[LEXVI[EVHMRKr2SXSRP][SYPHXLMWTSVXMSRSJXLI EYHMIRGIFIMRGPMRIHXSWYTTSVXXLIWTIEOIVtWTSWMXMSRFYXXLIWTIEOIVGSYPHTSMRX XSXLIMVEXXMXYHIEWTVSSJXLEX[SVOEWEZSPYRXIIVMWEVI[EVHMRKI\TIVMIRGI 2 IEVP]TIVGIRXSJXLIVIWTSRHIRXWIMXLIVqWXVSRKP]EKVIIHrSVqQMPHP] EKVIIHrXLEXTISTPILEZIERSFPMKEXMSRXSLIPTXLSWIMRPIWWJSVXYREXIGMVGYQ WXERGIW8LIWTIEOIVGSYPHXLIVIJSVIHITIRHSREREYHMIRGIJEZSVEFP]MRGPMRIH XSXLIFEWMGTVIQMWIYRHIVP]MRKZSPYRXIIV[SVO % RW[IVWXSXLIJMJXLUYIWXMSRhq-J]SYLEZI[SVOIHEWEZSPYRXIIVHS ]SYTPERXSHSWSEKEMR#;L]SV[L]RSX#rh[IVIMRXIVIWXMRK%PPXLIVIWTSR HIRXWMRHMGEXIHXLEXXLI]TPERRIHXSIRKEKIMRZSPYRXIIV[SVOEKEMRFYXQSWX
+IXXMRK-RJSVQEXMSR%FSYXXLI%YHMIRGI
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WEMHXLI][IVIRSXPMOIP]XSHSWS[LMPIMRGSPPIKIFIGEYWIXLI][IVIXSSFYW] [MXLSXLIVEGXMZMXMIW 2IEVP]TIVGIRXSJXLIWXYHIRXW[LSLEHRSXIRKEKIHMRZSPYRXIIV[SVO WXEXIHXLEXXLIMVQENSVVIEWSRJSVRSXHSMRKWS[EWEPEGOSJXMQI-RGSQFMREXMSR [MXLXLIERW[IVWXSUYIWXMSRXLIWIVIWTSRWIWWLS[IHXLEXXLIWTIEOIV[SYPH LEZIXSHIEPTIVWYEWMZIP][MXLXLIXMQIMWWYIMJWLI[IVIXSFIWYGGIWWJYPMRGSR ZMRGMRKTISTPIXSZSPYRXIIV[LMPIXLI][IVIIRVSPPIHMRWGLSSP
GSRRIGXPYGEWGSQ =SYGERGVIEXI]SYVS[RGPEWW WYVZI]F]YWMRKXLI5YIWXMSR REMVI1EOIVMRXLISRPMRI 7TIIGL8SSPWJSVXLMWGLETXIV
8LMW UYIWXMSRREMVI VIZIEPIH E KVIEX HIEP EFSYX XLI PMWXIRIVWt ORS[PIHKI EXXMXYHIWERHGSRGIVRW-RTYXXMRKXSKIXLIV]SYVS[RUYIWXMSRREMVIOIITXLI JSPPS[MRKTVMRGMTPIWMRQMRH 4PER XLI UYIWXMSRREMVI GEVIJYPP] XS IPMGMX TVIGMWIP] XLI MRJSVQEXMSR ]SY RIIH 9WIEPPXLVIIX]TIWSJUYIWXMSRWhJM\IHEPXIVREXMZIWGEPIERHSTIRIRHIH 1EOIWYVIXLIUYIWXMSRWEVIGPIEVERHYREQFMKYSYW /IITXLIUYIWXMSRREMVIVIPEXMZIP]FVMIJ
%HETXMRKXSXLI%YHMIRGI 3RGI]SYLEZIGSQTPIXIHXLIEYHMIRGIEREP]WMW]SYWLSYPHLEZIETVIXX]GPIEV TMGXYVISJ]SYVPMWXIRIVW&YXXLMWHSIWRSXKYEVERXIIEWYGGIWWJYPWTIIGL8LI OI] MW LS[ [IPP ]SY YWI [LEX ]SY ORS[ MR TVITEVMRK ERH TVIWIRXMRK XLI WTIIGL 8LMW TSMRX HIWIVZIW WTIGMEP EXXIRXMSR FIGEYWI MX TSWIW SRI SJ XLI LEVHIWX XEWOWJEGMRKRSZMGIWTIEOIVW1SWXTISTPIGERMHIRXMJ]XLIQENSVGLEVEGXIVMWXMGW SJXLIMVEYHMIRGIFYXQER]LEZIXVSYFPIEHETXMRKXLIMVMHIEWXSXLIEYHMIRGI 8LIVI EVI X[S QENSV WXEKIW MR XLI TVSGIWW SJ EYHMIRGI EHETXEXMSR 8LI JMVWX SGGYVWFIJSVIXLIWTIIGLEWTEVXSJ]SYVTVITEVEXMSRERHVILIEVWEP8LIWIGSRH SGGYVWHYVMRKXLITVIWIRXEXMSRSJXLIWTIIGLMXWIPJ
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-RTSPMXMGEPGEQTEMKRWTSPP XEOMRKLIPTWXLIGERHMHEXIW OIITXVEGOSJTYFPMGSTMRMSR *SVGPEWWVSSQWTIIGLIW]SY GERYWIEREYHMIRGIEREP]WMW UYIWXMSRREMVIXSKEYKIXLI ORS[PIHKIERHSTMRMSRWSJ ]SYVPMWXIRIVW
[MPP PMOI [LEX XLI] [MPP HMWPMOI [LIVI XLI] [MPP LEZI HSYFXW SV UYIWXMSRW [LIXLIV XLI] [MPP RIIH QSVI HIXEMPW LIVI SV JI[IV XLIVI [LEX [MPP MRXIVIWX XLIQERH[LEX[MPPRSX %XIZIV]TSMRX]SYQYWXERXMGMTEXILS[]SYVEYHMIRGI[MPPVIWTSRH,S[ [MPP XLI] VIEGX XS ]SYV MRXVSHYGXMSR ERH GSRGPYWMSR# ;MPP XLI] JMRH ]SYV I\EQTPIW GPIEV ERH GSRZMRGMRK# ;MPP ]SYV ZMWYEP EMHW LIPT XLIQ KVEWT ]SYV MHIEW#,S[[MPPXLI]VIWTSRHXS]SYVPERKYEKIERHQERRIVSJHIPMZIV]#%W]SY ERW[IVXLIWIUYIWXMSRWGSRWGMSYWP]MHIRXMJ][MXL]SYVPMWXIRIVW4YX]SYVWIPJMR XLIMVTPEGIERHVIWTSRHXS]SYVWTIIGLEWXLI][SYPH ,IVIMWLS[SRIWXYHIRX[SVOIHSYXLMWTVSFPIQWSJEYHMIRGIEHETXEXMSR .YER6YM^ENYRMSVKISPSK]QENSVHIGMHIHXSKMZIERMRJSVQEXMZIWTIIGLEFSYXLS[ IEVXLUYEOIWSGGYV*VSQLMWEYHMIRGIEREP]WMWLIPIEVRIHXLEXSRP]X[SSVXLVIISJLMWGPEWW QEXIWORI[QYGLSJER]XLMRKEFSYXKISPSK]8SQSWXSJXLIQEXIGXSRMGTPEXI[SYPHFI JSYRHSREHMRRIVXEFPIVEXLIVXLERFIPS[XLIWYVJEGISJXLIIEVXL.YERVIEPM^IHXLIRXLEX LIQYWXTVIWIRX LMWWTIIGL EXERIPIQIRXEV]PIZIPERH[MXL E QMRMQYQ SJWGMIRXMJMGPER KYEKI %WLITVITEVIHXLIWTIIGL.YEROITXEWOMRKLMQWIPJq,S[GER-QEOIXLMWGPIEVERH QIERMRKJYPXSWSQISRI[LSORS[WRSXLMRKEFSYXIEVXLUYEOIWSVKISPSKMGEPTVMRGMTPIW#r 7MRGILI[EWWTIEOMRKMRXLI1MH[IWXLIHIGMHIHXSFIKMRF]RSXMRKXLEXXLIQSWXWIZIVI IEVXLUYEOIMR%QIVMGERLMWXSV]XSSOTPEGIRSXMR'EPMJSVRMESV%PEWOEFYXEX2I[1EHVMH 1MWWSYVMMR-JWYGLERIEVXLUYEOILETTIRIHXSHE]MX[SYPHFIJIPXJVSQXLI6SGO] 1SYRXEMRW XS XLI %XPERXMG 3GIER ERH [SYPH JPEXXIR QSWX SJ XLI GMXMIW MR XLI 1MWWMWWMTTM :EPPI]8LEXLIJMKYVIHWLSYPHKIXLMWGPEWWQEXIWtEXXIRXMSR 8LVSYKLSYX XLI FSH] SJ XLI WTIIGL .YER HIEPX SRP] [MXL XLI FEWMG QIGLERMGW SJ IEVXLUYEOIWERHGEVIJYPP]EZSMHIHXIGLRMGEPXIVQWWYGLEWqEWXLIRSWTLIVIrqPMXLSWTLIVIr ERHqWYFHYGXMSR^SRIWr,IEPWSTVITEVIHZMWYEPEMHWHMEKVEQQMRKJEYPXPMRIWWSLMWGPEWW QEXIW[SYPHRtXKIXGSRJYWIH
%HETXMRKXSXLI%YHMIRGI
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8SFIEFWSPYXIP]WEJI.YEREWOIHLMWVSSQQEXIh[LS[EWRSXEKISPSK]QENSVhXS PMWXIRXSXLIWTIIGLq7XSTQIrLIWEMHqER]XMQI-WE]WSQIXLMRK]SYHSRtXYRHIVWXERHr .YERtWVSSQQEXIWXSTTIHLMQJSYVXMQIWERHEXIEGLWTSX.YER[SVOIHSYXE[E]XSQEOI LMWTSMRXQSVIGPIEVP]*MREPP]LILEH EWTIIGLXLEX[EWMRXIVIWXMRKERHTIVJIGXP]YRHIV WXERHEFPIXSLMWEYHMIRGI
%W ]SY [SVO SR ]SYV WTIIGLIW XV] XS OIIT ]SYV PMWXIRIVW GSRWXERXP] MR QMRH%RXMGMTEXILS[XLI][MPPVIWTSRHXS]SYVMHIEW&IGVIEXMZIMRXLMROMRK EFSYX [E]W XS EHETX ]SYV QIWWEKI XS XLIQ 0MOI .YER ]SY [MPP KMZI E QYGL FIXXIVWTIIGL
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',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%HETXMRKXS]SYVEYHMIRGIMWSRISJXLIQSWXMQTSVXERXOI]WXSWYGGIWWJYP TYFPMGWTIEOMRK0MOISXLIVEWTIGXWSJWTIIGLQEOMRKMXMWWSQIXMQIWIEWMIVWEMH XLER HSRI &YX SRGI ]SY QEWXIV MX ]SYtPP WII XLEX MX TE]W HMZMHIRHW MR QSVI TIVWSREPJEGIXWSJ]SYVPMJIh[LIR]SYEHETXXSEREYHMIRGISJSRI
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/)=8)617
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WMXYEXMSREPEYHMIRGIEREP]WMW
MHIRXMJMGEXMSR
EXXMXYHI
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JM\IHEPXIVREXMZIUYIWXMSRW
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WGEPIUYIWXMSRW
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6IZMI[5YIWXMSRW
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LEXEVIXLIWM\HIQSKVETLMGXVEMXWSJEYHMIRGIWHMWGYWWIHMRXLMWGLETXIV#;L] MWIEGLMQTSVXERXXSEYHMIRGIEREP]WMW# ;LEXMWWMXYEXMSREPEYHMIRGIEREP]WMW#;LEXJEGXSVWHS]SYRIIHXSGSRWMHIVMR WMXYEXMSREPEYHMIRGIEREP]WMW# ,S[GER]SYKIXMRJSVQEXMSREFSYXEREYHMIRGI# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;LEXEVIXLIXLVIIOMRHWSJUYIWXMSRWYWIHMRUYIWXMSRREMVIW#;L]MWMXEKSSH MHIEXSYWIEPPXLVIIMREYHMIRGIEREP]WMW# ;LEX QIXLSHW GER ]SY YWIXS EHETX ]SYV WTIIGL XS]SYVEYHMIRGIFIJSVI XLI WTIIGL#(YVMRKXLIWTIIGL#
)-2+8,)%9(-)2')
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
%WERIGSRSQMGWTVSJIWWSV]SYVVIWIEVGL[VMXMRKERHXIEGLMRKSRXLI7SGMEP7IGY VMX] W]WXIQ LEW EXXVEGXIH QIHME EXXIRXMSR 4ISTPI WIIQ TEVXMGYPEVP] MRXIVIWXIH MR ]SYVWGLSPEVP]STMRMSRFIGEYWI]SYWYTTSVXTVSTSWEPWXLEX[SYPHEPPS[[SVOIVWXS MRZIWXTEVX SJ XLIMV 7SGMEP 7IGYVMX] GSRXVMFYXMSRW MR TIVWSREP VIXMVIQIRXEGGSYRXW %[EVI SJ ]SYV TIVWTIGXMZI XLI PSGEP 6SXEV] GPYF LEW MRZMXIH ]SY XS WTIEO SR XLI WYFNIGXEXXLIGPYFtW[IIOP]QIIXMRK ,EZMRKXEOIRETYFPMGWTIEOMRKGPEWWMRGSPPIKI]SYORS[LS[MQTSVXERXMXMW XS EREP]^I XLI EYHMIRGI ]SY [MPP FI EHHVIWWMRK 8S TVITEVI JSV ]SYV WTIIGL ]SY LEZI EVVERKIH E XIPITLSRI MRXIVZMI[ [MXL XLI GPYFtW TVIWMHIRX XS JMRH SYX QSVI EFSYX]SYVEYHMIRGI0MWX XLIX[SQSWXMQTSVXERXUYIWXMSRW]SY[ERXXSEWOXLI TVIWMHIRXEFSYXXLIHIQSKVETLMGWSJ]SYVEYHMIRGIERH XLIX[SQSWXMQTSV XERX UYIWXMSRW ]SY [ERX XS EWO EFSYX XLI WMXYEXMSREP XVEMXW SJ ]SYV EYHMIRGI &I WTIGMJMGMR]SYVUYIWXMSRWERHFITVITEVIHMJRIGIWWEV]XSI\TPEMR]SYVGLSMGISJ UYIWXMSRW
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
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8STMGEP3VHIV 8STMGEPSVHIVVIWYPXW[LIR]SYHMZMHIXLIWTIIGLXSTMGMRXSWYFXSTMGWIEGLSJ [LMGLFIGSQIWEQEMRTSMRXMRXLIWTIIGL 7YTTSWI ]SYV WTIGMJMG TYVTSWI MW q8S MRJSVQ Q] EYHMIRGI SJ XLI QENSV OMRHW SJ JMVI[SVOWr 8LMW XSTMG HSIW RSX PIRH MXWIPJ XS GLVSRSPSKMGEP WTEXMEP GEYWEP SV TVSFPIQWSPYXMSR SVHIV 6EXLIV ]SY WITEVEXI XLI WYFNIGXhOMRHW SJ JMVI[SVOWhMRXSMXWGSRWXMXYIRXTEVXWWSXLEXIEGLQEMRTSMRXHIEPW[MXLEWMRKPI OMRHSJJMVI[SVOW=SYVGIRXVEPMHIEERHQEMRTSMRXWQMKLXPSSOPMOIXLMW
XSTMGEPSVHIV %QIXLSHSJWTIIGLSVKERM^EXMSR MR[LMGLXLIQEMRTSMRXWHMZMHI XLIXSTMGMRXSPSKMGEPERH GSRWMWXIRXWYFXSTMGW
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIQENSVOMRHWSJJMVI[SVOW 'IRXVEP-HIE
8LIQENSVOMRHWSJJMVI[SVOWEVIWO]VSGOIXW6SQERGERHPIW TMR[LIIPWERHPERGIW
1EMR4SMRXW
- 7 O]VSGOIXWI\TPSHILMKLMRXLIEMVTVSHYGMRKXLIQSWX HVEQEXMGIJJIGXWSJEPPJMVI[SVOW -- 6SQERGERHPIWWLSSXSYXWITEVEXIKVSYTWSJWTEVOWERH GSPSVIHJPEQIW[MXLEWIVMIWSJFSSQMRKRSMWIW --- 4MR[LIIPWXLVS[SJJWTEVOWERHJPEQIWEWXLI][LMVPSR XLIIRHSJEWXMGO -: 0ERGIWEVIXLMRGSPSVJYPJMVI[SVOWYWIHMRKVSYRHHMWTPE]W
8SXEOIERSXLIVI\EQTPIPIXtWWE]]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ] EYHMIRGIEFSYXXLIEGLMIZIQIRXWSJ-HE;IPPW&EVRIXXr;IPPW&EVRIXXER%JVM GER %QIVMGER [LS PMZIH EX XLI XYVR SJ XLI XL GIRXYV] [EW ER SYXWTSOIR GLEQTMSRSJWSGMEPERHTSPMXMGEPNYWXMGIJSVLIVVEGI=SYGSYPHSVKERM^I]SYV WTIIGL GLVSRSPSKMGEPP]hF] HMWGYWWMRK ;IPPW&EVRIXXtW I\TPSMXW HYVMRK IEGL HIGEHI SJ LIV GEVIIV 3R XLI SXLIV LERH ]SY GSYPH EVVERKI XLI WTIIGL XSTMGEPP]hF]HMZMHMRK;IPPW&EVRIXXtWEGGSQTPMWLQIRXWMRXSGEXIKSVMIW8LIR ]SYVGIRXVEPMHIEERHQEMRTSMRXWQMKLXFI 7TIGMJMG4YVTSWI
8SMRJSVQQ]EYHMIRGIEFSYXXLIEGLMIZIQIRXWSJ-HE;IPPW &EVRIXX
'IRXVEP-HIE
-HE;IPPW&EVRIXX[EWEQYPXMXEPIRXIHJMKYVIMRXLIJMKLXJSV VEGMEPNYWXMGI
1EMR4SMRXW
- % WEXIEGLIV;IPPW&EVRIXXWTSOISYXEKEMRWXMRJIVMSV WGLSSPJEGMPMXMIWJSV%JVMGER%QIVMGERGLMPHVIR -- %WENSYVREPMWX;IPPW&EVRIXXGEQTEMKRIHEKEMRWX P]RGLMRK --- %WEGMZMGSVKERM^IV;IPPW&EVRIXXLIPTIHJSYRHXLI 2%%'4
2SXMGILS[XLIQEMRTSMRXWWYFHMZMHIXLIWTIIGLXSTMGPSKMGEPP]ERHGSR WMWXIRXP])EGLQEMRTSMRXMWSPEXIWSRIEWTIGXSJ;IPPW&EVRIXXtWEGLMIZIQIRXW &YXWYTTSWI]SYVQEMRTSMRXWPSSOPMOIXLMW - %WEXIEGLIV;IPPW&EVRIXXWTSOISYXEKEMRWXMRJIVMSVWGLSSPJEGMPMXMIWJSV %JVMGER%QIVMGERGLMPHVIR -- %WENSYVREPMWX;IPPW&EVRIXXGEQTEMKRIHEKEMRWXP]RGLMRK --- -RXLIIEVP]XLGIRXYV];IPPW&EVRIXXI\TERHIHLIVEGXMZMXMIWERHXLI WGSTISJLIVMRJPYIRGI
1EMR4SMRXW
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1EMR4SMRXW
23
(SIW XLI FSH] SJ Q] WTIIGL GSRXEMR X[S XS JMZI QEMR TSMRXW# %VI Q] QEMR TSMRXW SVKERM^IH EGGSVHMRK XS SRI SJ XLI JSPPS[MRKQIXLSHWSJSVKERM^EXMSR# 'LIGOXLISRIXLEX ETTPMIW
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMP EFPIMRXLISRPMRI7XYH] 8SSPWJSVXLMWGLETXIV
'LVSRSPSKMGEPSVHIV 7TEXMEPSVHIV 'EYWEPSVHIV 8STMGEPSVHIV 4VSFPIQWSPYXMSRSVHIV
%VIQ]QEMRTSMRXWGPIEVP]WITEVEXIJVSQSRIERSXLIV# %W QYGL EW TSWWMFPI LEZI - YWIH XLI WEQI TEXXIVR SJ[SVHMRKJSVEPPQ]QEMRTSMRXW# ,EZI - VSYKLP] FEPERGIH XLI EQSYRX SJ XMQI HIZSXIH XSIEGLQEMRTSMRX# -W IEGL QEMR TSMRX FEGOIH YT [MXL WXVSRK GVIHMFPI WYTTSVXMRKQEXIVMEPW# (S - YWI GSRRIGXMZIW XS QEOI WYVI Q] EYHMIRGI ORS[W [LIR-EQQSZMRKJVSQSRIQEMRTSMRXXSERSXLIV#
8LMW[SYPHRSXFIEKSSHXSTMGEPSVHIVFIGEYWIQEMRTSMRX---MWMRGSRWMWXIRX [MXLXLIVIWXSJXLIQEMRTSMRXW-XHIEPW[MXLE TIVMSHMR;IPPW&EVRIXXtWPMJI [LIVIEWQEMRTSMRXW-ERH--HIEP[MXLOMRHWSJEGXMZMWQ &IGEYWI MX MW ETTPMGEFPI XS EPQSWX ER] WYFNIGX ERH XS ER] OMRH SJ WTIIGL XSTMGEPSVHIVMWYWIHQSVISJXIRXLERER]SXLIVQIXLSHSJWTIIGLSVKERM^EXMSR
8-47*3646)4%6-2+1%-243-287 /IIT1EMR4SMRXW7ITEVEXI )EGLQEMRTSMRXMREWTIIGLWLSYPHFIGPIEVP]MRHITIRHIRXSJXLISXLIVW'SQ TEVIXLIWIX[SWIXWSJQEMRTSMRXWJSVEWTIIGLEFSYXXLITVSGIWWSJTVSHYGMRK E&VSEH[E]TPE]
-RIJJIGXMZI
1SVI)JJIGXMZI
- 8 LIJMVWXWXITMWGLSSWMRKXLI TPE] -- 8LIWIGSRHWXITMWWIPIGXMRK XLIGEWX --- 8 LIXLMVHWXITMWGSRHYGXMRK VILIEVWEPWERHXLIRTIVJSVQMRK XLITPE]
- 8LIJMVWXWXITMWGLSSWMRKXLI TPE] -- 8LIWIGSRHWXITMWWIPIGXMRK XLIGEWX --- 8LIXLMVHWXITMWGSRHYGXMRKXLI VILIEVWEPW -: 8LIJSYVXLWXITMWTIVJSVQMRK XLITPE]
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LITVSFPIQ[MXLXLIPIJXLERHPMWXMWXLEXTSMRX---GSRXEMRWX[SQEMRTSMRXW -XWLSYPHFIHMZMHIHEWWLS[RMRXLIVMKLXLERHPMWX
8V]XS9WIXLI7EQI4EXXIVRSJ;SVHMRKJSV1EMR4SMRXW 'SRWMHIVXLIJSPPS[MRKQEMRTSMRXWJSVERMRJSVQEXMZIWTIIGLEFSYXXLIFIR IJMXWSJI\IVGMWI -RIJJIGXMZI
1SVI)JJIGXMZI
- 6IKYPEVI\IVGMWIMRGVIEWIW]SYV IRHYVERGI -- =SYVWPIITMRKTEXXIVRMW MQTVSZIHF]VIKYPEVI\IVGMWI --- -XMWTSWWMFPIXSLIPTGSRXVSP ]SYV[IMKLXF]VIKYPEV I\IVGMWI
- 6IKYPEVI\IVGMWIMRGVIEWIW]SYV IRHYVERGI -- 6IKYPEVI\IVGMWIMQTVSZIW]SYV WPIITMRKTEXXIVR --- 6IKYPEVI\IVGMWILIPTWGSRXVSP ]SYV[IMKLX
8LI WIX SJ QEMR TSMRXW SR XLI VMKLX JSPPS[W E GSRWMWXIRX TEXXIVR SJ [SVHMRK XLVSYKLSYX8LIVIJSVIMXMWIEWMIVXSYRHIVWXERHERHIEWMIVXSVIQIQFIVXLER XLIWIXSRXLIPIJX =SY[MPPJMRHXLEXMXMWRSXEP[E]WTSWWMFPIXSYWIXLMWOMRHSJTEVEPPIP[SVH MRK7SQIWTIIGLIWNYWXHSRtXPIRHXLIQWIPZIWXSWYGLEXMH]EVVERKIQIRX&YX XV]XSOIIT XLI [SVHMRK TEVEPPIP [LIR]SYGERJSV MX MW E KSSH[E]XS QEOI ]SYVQEMRTSMRXWWXERHSYXJVSQXLIHIXEMPWWYVVSYRHMRKXLIQ
&EPERGIXLI%QSYRXSJ8MQI(IZSXIHXS1EMR4SMRXW &IGEYWI]SYVQEMRTSMRXWEVIWSMQTSVXERX]SY[ERXXSFIWYVIXLI]EPPVIGIMZI IRSYKL IQTLEWMWXSFIGPIEVERHGSRZMRGMRK 8LMW QIERW EPPS[MRKWYJJMGMIRX XMQIXSHIZIPSTIEGLQEMRTSMRX7YTTSWI]SYHMWGSZIVXLEXXLITVSTSVXMSRSJ XMQIHIZSXIHXS]SYVQEMRTSMRXWMWWSQIXLMRKPMOIXLMW - TIVGIRX -- TIVGIRX --- TIVGIRX %FVIEOHS[RSJXLMWWSVXMRHMGEXIWSRISJX[SXLMRKW)MXLIVTSMRXW--ERH--- EVIRtXVIEPP]QEMRTSMRXWERH]SYLEZISRP]SRIQEMRTSMRXSVTSMRXW--ERH ---LEZIRtXFIIRKMZIRXLIEXXIRXMSRXLI]RIIH-JXLIPEXXIV]SYWLSYPHVIZMWI XLIFSH]SJXLIWTIIGLXSFVMRKXLIQEMRTSMRXWMRXSFIXXIVFEPERGI 8LMWMWRSXXSWE]XLEXEPPQEMRTSMRXWQYWXVIGIMZII\EGXP]IUYEPIQTLEWMW FYXSRP]XLEXXLI]WLSYPHFIVSYKLP]FEPERGIH*SVI\EQTPIIMXLIVSJXLIJSP PS[MRK[SYPHFIJMRI - TIVGIRX -- TIVGIRX --- TIVGIRX
- TIVGIRX -- TIVGIRX --- TIVGIRX
8LI EQSYRX SJ XMQI WTIRX SR IEGL QEMR TSMRX HITIRHW SR XLI EQSYRX ERH GSQTPI\MX]SJWYTTSVXMRKQEXIVMEPWJSVIEGLTSMRX
1EMR4SMRXW
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7YTTSVXMRK1EXIVMEPW &]XLIQWIPZIWQEMRTSMRXWEVISRP]EWWIVXMSRW%W[IWE[MR'LETXIVPMWXIR IVW RIIH WYTTSVXMRK QEXIVMEPW XS EGGITX [LEX E WTIEOIV WE]W ;LIR XLI WYT TSVXMRKQEXIVMEPWEVIEHHIHXLIFSH]SJEWTIIGLPSSOWPMOIXLIJSPPS[MRKMR SYXPMRIJSVQ
WYTTSVXMRKQEXIVMEPW 8LIQEXIVMEPWYWIHXSWYTTSVXE WTIEOIVtWMHIEW8LIXLVIIQENSV OMRHWSJWYTTSVXMRKQEXIVMEPW EVII\EQTPIWWXEXMWXMGWERH XIWXMQSR]
- ,]TRSWMWMWYWIHMRWYVKIV]EWEREHNYRGXXSGLIQMGEPERIWXLIWME %,]TRSWMWVIHYGIWFSXLXLITL]WMGEPERHTW]GLSPSKMGEPEWTIGXWSJ TEMR ,]TRSWMWGERHSYFPIETIVWSRtWTEMRXLVIWLSPH -XEPWSVIHYGIWXLIJIEVXLEXMRXIRWMJMIWTL]WMGEPTEMR &,]TRSWMWMWQSWXYWIJYPMRGEWIW[LIRXLITEXMIRXMWORS[RXSLEZI TVSFPIQW[MXLKIRIVEPERIWXLIWME 5YSXEXMSRJVSQ(V,EVSPH;EMRSJ;EPXIV6IIH%VQ],SWTMXEP 7XSV]SJ0MRHE/YE] 7XEXMWXMGWJVSQ4W]GLSPSK]8SHE] -- ,]TRSWMWMWYWIHXSLIPTTISTPIWXSTWQSOMRK %1ER]XLIVETMWXWYXMPM^IL]TRSWMWXSLIPTTISTPIFVIEOXLIMVEHHMGXMSR XSGMKEVIXXIW 8LI97(ITEVXQIRXSJ,IEPXLERH,YQER7IVZMGIWGSRWMHIVW L]TRSWMWEWEJIERHIJJIGXMZIQIERWSJWXSTTMRKWQSOMRK 7YGGIWWVEXIWEVIEWLMKLEWTIVGIRX E 7XSV]SJ%PI\,EQMPXSR F 5YSXEXMSRJVSQ2I[=SVOTW]GLMEXVMWX(V,IVFIVX7TMIKIP &,]TRSWMWHSIWRSX[SVOJSVEPPWQSOIVW %TIVWSRQYWX[ERXXSWXSTWQSOMRKJSVL]TRSWMWXS[SVO %TIVWSRQYWXEPWSFIVIWTSRWMZIXSL]TRSXMGWYKKIWXMSR --- ,]TRSWMWMWYWIHXSLIPTWXYHIRXWMQTVSZIXLIMVEGEHIQMGTIVJSVQERGI %,]TRSWMWIREFPIWTISTPIXSYWIXLIMVQMRHWQSVIIJJIGXMZIP] 8LIGSRWGMSYWQMRHYWIWEFSYXTIVGIRXSJETIVWSRtWQIRXEP EFMPMX] ,]TRSWMWEPPS[WTISTPIXSXETQSVISJXLIMVQIRXEPTS[IV &7XYHMIWWLS[XLEXL]TRSWMWGERLIPTTISTPISZIVGSQIQER]SFWXEGPIW XSEGEHIQMGWYGGIWW -XMQTVSZIWEFMPMX]XSGSRGIRXVEXI -XMRGVIEWIWVIEHMRKWTIIH -XVIHYGIWXIWXER\MIX] -R 'LETXIV [I HMWGYWWIH XLI QENSV OMRHW SJ WYTTSVXMRK QEXIVMEPW ERH LS[XSYWIXLIQ,IVI[IRIIHWXVIWWSRP]XLIMQTSVXERGISJSVKERM^MRK]SYV WYTTSVXMRKQEXIVMEPWWSXLI]EVIHMVIGXP]VIPIZERXXSXLIQEMRTSMRXWXLI]EVI WYTTSWIHXSWYTTSVX1MWTPEGIHWYTTSVXMRKQEXIVMEPWEVIGSRJYWMRK,IVItWER I\EQTPI - 8LIVIEVIWIZIVEPVIEWSRW[L]TISTPIMQQMKVEXIXSXLI9RMXIH7XEXIW %3ZIVXLI]IEVWQMPPMSRWSJTISTPILEZIMQQMKVEXIHXSXLI9RMXIH 7XEXIW &1ER]TISTPIMQQMKVEXIMRWIEVGLSJIGSRSQMGSTTSVXYRMX] '3XLIVWMQQMKVEXIXSEXXEMRTSPMXMGEPJVIIHSQ (7XMPPSXLIVWMQQMKVEXIXSIWGETIVIPMKMSYWTIVWIGYXMSR
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIQEMRTSMRXHIEPW[MXLXLIVIEWSRWMQQMKVERXWGSQIXSXLI9RMXIH7XEXIW EWHSWYTTSVXMRKTSMRXW&'ERH(7YTTSVXMRKTSMRX% q3ZIVXLI]IEVWQMP PMSRW SJ TISTPI LEZI MQQMKVEXIH XS XLI 9RMXIH 7XEXIWr HSIW RSX -X MW SYX SJ TPEGIERHWLSYPHRSXFIMRGPYHIH[MXLXLMWQEMRTSMRX -J]SYJMRHWYGLEWMXYEXMSRMR]SYVS[RWTIIGLIWXV]XSVISVKERM^I]SYV WYTTSVXMRKTSMRXWYRHIVETTVSTVMEXIQEMRTSMRXWPMOIXLMW - 3ZIVXLI]IEVWQMPPMSRWSJTISTPILEZIMQQMKVEXIHXSXLI9RMXIH7XEXIW %7MRGIXLI%QIVMGER6IZSPYXMSREPQSWXQMPPMSRTISTPILEZI MQQMKVEXIHXSXLI97 &8SHE]XLIVIEVIQMPPMSR%QIVMGERW[LS[IVIFSVRMRSXLIVGSYRXVMIW -- 8LIVIEVIWIZIVEPVIEWSRW[L]TISTPIMQQMKVEXIXSXLI9RMXIH7XEXIW %1ER]TISTPIMQQMKVEXIMRWIEVGLSJIGSRSQMGSTTSVXYRMX] &3XLIVWMQQMKVEXIXSEXXEMRTSPMXMGEPJVIIHSQ '7XMPPSXLIVWMQQMKVEXIXSIWGETIVIPMKMSYWTIVWIGYXMSR 2S[ ]SY LEZI X[S WYTTSVXMRK TSMRXW XS FEGO YT ]SYV qQMPPMSRW SJ TISTPIr TSMRXERHXLVIIWYTTSVXMRKTSMRXWXSFEGOYT]SYVqVIEWSRWrTSMRX 3RGI]SYLEZISVKERM^IH]SYVQEMRTSMRXWERHWYTTSVXMRKTSMRXW]SY QYWX KMZI EXXIRXMSR XS XLI XLMVH IPIQIRX MR XLI FSH] SJ E WTIIGLh GSRRIGXMZIW
'SRRIGXMZIW
'EVPE1EKKMS[EWWTIEOMRKXSLIVGPEWWEFSYXXLIRIIHJSVQIHMGEPQEPTVEGXMGI VIJSVQ7LILEHVILIEVWIHXLIWTIIGLWIZIVEPXMQIWLEHE[IPPHIJMRIHGIRXVEP MHIE XLVII WLEVT QEMR TSMRXW ERH WXVSRK IZMHIRGI XS WYTTSVX LIV TSWMXMSR &YX [LIR 'EVPE HIPMZIVIH XLI WTIIGL WLI WEMH q%PP VMKLXr IZIV] XMQI WLI QSZIH JVSQ SRI XLSYKLX XS XLI RI\X %JXIV E [LMPI LIV GPEWWQEXIW WXEVXIH GSYRXMRK&]XLIIRHSJXLIWTIIGLQSWX[IVIXSSFYW][EMXMRKJSVXLIRI\X q%PPVMKLXrXSTE]EXXIRXMSRXS'EVPEtWQIWWEKI%JXIV[EVH'EVPEWEMHq-RIZIV IZIRXLSYKLXEFSYXWE]MRKs%PPVMKLXt-KYIWWMXNYWXTSTTIHSYX[LIR-HMHRtX ORS[[LEXIPWIXSWE]r ;IEPPLEZIWXSGOTLVEWIWXLEX[IYWIXSJMPPXLIWTEGIFIX[IIRXLSYKLXW -RGEWYEPGSRZIVWEXMSRXLI]EVIWIPHSQXVSYFPIWSQI&YXMRWTIIGLQEOMRKXLI] HMWXVEGXPMWXIRIVWF]GEPPMRKEXXIRXMSRXSXLIQWIPZIW ;LEX'EVPEtWWTIIGLPEGOIH[IVIWXVSRKGSRRIGXMZIWh[SVHWSVTLVEWIWXLEX NSMR SRI XLSYKLX XS ERSXLIV ERH MRHMGEXI XLI VIPEXMSRWLMT FIX[IIR XLIQ ;MXLSYX GSRRIGXMZIW E WTIIGL MW HMWNSMRXIH ERH YRGSSVHMREXIHhQYGL EW E TIVWSR [SYPH FI[MXLSYXPMKEQIRXW ERH XIRHSRW XS NSMR XLIFSRIW ERH LSPH XLISVKERWMRTPEGI*SYVX]TIWSJWTIIGLGSRRIGXMZIWEVIXVERWMXMSRWMRXIVREP TVIZMI[WMRXIVREPWYQQEVMIWERHWMKRTSWXW
GSRRIGXMZI %[SVHSVTLVEWIXLEXGSRRIGXW XLIMHIEWSJEWTIIGLERH MRHMGEXIWXLIVIPEXMSRWLMT FIX[IIRXLIQ
86%27-8-327 8VERWMXMSRW EVI [SVHW SV TLVEWIW XLEX MRHMGEXI [LIR E WTIEOIV LEW NYWX GSQ TPIXIHSRIXLSYKLXERHMWQSZMRKSRXSERSXLIV8IGLRMGEPP]XLIXVERWMXMSRW WXEXIFSXLXLIMHIEXLIWTIEOIVMWPIEZMRKERHXLIMHIEWLISVLIMWGSQMRKYT XS-RXLIJSPPS[MRKI\EQTPIWXLIXVERWMXMSREPTLVEWIWEVIYRHIVPMRIH
XVERWMXMSR %[SVHSVTLVEWIXLEXMRHMGEXIW [LIREWTIEOIVLEWJMRMWLIH SRIXLSYKLXERHMWQSZMRKSR XSERSXLIV
2S[XLEX[ILEZIEGPIEVYRHIVWXERHMRKSJXLITVSFPIQPIXQIWLEVIXLIWSPYXMSR[MXL]SY
'SRRIGXMZIW
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-LEZIWTSOIRWSJEVSJFVEZIV]ERHTEXVMSXMWQFYXMXMWXLIWEGVMJMGISJXLI1EWWEGLYWIXXW XLXLEXLEWIXGLIHXLIQMRXSXLITEKIWSJLMWXSV] /IITMRKXLIWITSMRXWMRQMRHEFSYXWMKRPERKYEKIPIXtWVIXYVR XSXLIWIRXIRGI-WXEVXIH [MXLERHWIIMJ[IGERPIEVRXLIWMKRWJSVq=SYEVIQ]JVMIRHr
2SXMGILS[XLIWITLVEWIWVIQMRHXLIPMWXIRIVSJXLIXLSYKLXNYWXGSQTPIXIHEW [IPPEWVIZIEPXLIXLSYKLXEFSYXXSFIHIZIPSTIH
-28)62%046):-);7 MRXIVREPTVIZMI[ %WXEXIQIRXMRXLIFSH]SJXLI WTIIGLXLEXPIXWXLIEYHMIRGI ORS[[LEXXLIWTIEOIVMWKSMRK XSHMWGYWWRI\X
-RXIVREPTVIZMI[WPIXXLIEYHMIRGIORS[[LEXXLIWTIEOIV[MPPXEOIYTRI\XFYX XLI] EVI QSVI HIXEMPIH XLER XVERWMXMSRW -R IJJIGX ER MRXIVREP TVIZMI[ [SVOW NYWXPMOIXLITVIZMI[WXEXIQIRXMREWTIIGLMRXVSHYGXMSRI\GITXXLEXMXGSQIW MRXLIFSH]SJXLIWTIIGLhYWYEPP]EWXLIWTIEOIVMWWXEVXMRKXSHMWGYWWEQEMR TSMRX*SVI\EQTPI -R HMWGYWWMRKLS[%WMER %QIVMGERWLEZI FIIRWXIVISX]TIHMR XLIQEWW QIHME [ItPP PSSOJMVWXEXXLISVMKMRWSJXLITVSFPIQERHWIGSRHEXMXWGSRXMRYMRKMQTEGXXSHE]
%JXIVLIEVMRKXLMWXLIEYHMIRGIORS[WI\EGXP][LEXXSPMWXIRJSVEWXLIWTIEOIV HIZIPSTWXLIqTVSFPIQrQEMRTSMRX -RXIVREPTVIZMI[WEVISJXIRGSQFMRIH[MXLXVERWMXMSRW*SVI\EQTPI ?8VERWMXMSRA2S[XLEX[ILEZIWIIRLS[WIVMSYWXLITVSFPIQSJJEYPX]GVIHMXVITSVXW MWPIXtWPSSOEXWSQIWSPYXMSRW?-RXIVREP4VIZMI[A-[MPPJSGYWSRXLVIIWSPYXMSRWhMRWXMXYXMRK XMKLXIVKSZIVRQIRXVIKYPEXMSRSJGVIHMXFYVIEYWLSPHMRKGVIHMXFYVIEYWJMRERGMEPP]VIWTSR WMFPIJSVXLIMVIVVSVWERHKMZMRKMRHMZMHYEPWIEWMIVEGGIWWXSXLIMVGVIHMXVITSVXW
=SY [MPP WIPHSQ RIIH ER MRXIVREP TVIZMI[ JSV IEGL QEMR TSMRX MR ]SYV WTIIGLFYXFIWYVIXSYWISRI[LIRIZIV]SYXLMROMX[MPPLIPTPMWXIRIVWOIIT XVEGOSJ]SYVMHIEW
-28)62%07911%6-)7 MRXIVREPWYQQEV] %WXEXIQIRXMRXLIFSH]SJXLI WTIIGLXLEXWYQQEVM^IWXLI WTIEOIVtWTVIGIHMRKTSMRX SVTSMRXW
-RXIVREP WYQQEVMIW EVI XLI VIZIVWI SJ MRXIVREP TVIZMI[W 6EXLIV XLER PIXXMRK PMWXIRIVWORS[[LEXMWGSQMRKYTRI\XMRXIVREPWYQQEVMIWVIQMRHPMWXIRIVWSJ [LEX XLI] LEZI NYWX LIEVH 7YGL WYQQEVMIW EVIYWYEPP] YWIH [LIR E WTIEOIV JMRMWLIW E GSQTPMGEXIH SV TEVXMGYPEVP] MQTSVXERX QEMR TSMRX SV WIX SJ QEMR TSMRXW*SVI\EQTPI -R WLSVXTEPQ VIEHMRK MW ERERGMIRXEVX (IZIPSTIHMR 'LMREQSVI XLERJMZIXLSYWERH ]IEVWEKSMX[EWTVEGXMGIHMRGPEWWMGEP+VIIGIERH6SQIJPSYVMWLIHHYVMRKXLI1MHHPI%KIW WYVZMZIHXLI-RHYWXVMEP6IZSPYXMSRERHVIQEMRWTSTYPEVXSHE]MRQER]TEVXWSJXLI[SVPH
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8LIWIEVIWXVMOMRKWXEXMWXMGW&]GMXMRKXLIQMRLIVMRXVSHYGXMSR/E]IIQTLE WM^IHXLIMQTSVXERGISJLIVXSTMGERHGETXYVIHXLIEXXIRXMSRSJLIVEYHMIRGI 'PIEVP] XLMW XIGLRMUYI MW IEW] XS YWI [LIR HMWGYWWMRK WSGMEP ERH TSPMXMGEP MWWYIWWYGLEWGLMPHEFYWIIRHERKIVIHWTIGMIWXIVVSVMWQERHWXIQGIPPVIWIEVGL FYXMXMWETTVSTVMEXIJSVSXLIVXSTMGWEW[IPP,IVIMWLS[SRIWXYHIRXLERHPIH MXMREWTIIGLEFSYXWXEVXMRKELSQIEUYEVMYQ -XMWZIV]LEVHXSGYHHPIEJMWL*MWL[SRtXVSPPSZIVSVJIXGLXLIQSVRMRKTETIV=SY [SRtXJMRHXLIQGYVPMRKYTSR]SYVPETGLEWMRKEFEPPSJWXVMRKSVVIWGYMRKEGLMPHJVSQE FYVRMRKFYMPHMRK =IXHIWTMXIXLIWIWLSVXGSQMRKWQMPPMSRXVSTMGEPJMWLLEZIJSYRHXLIMV[E]MRXS QMPPMSR%QIVMGERLSQIW)EGL]IEVQMPPMSRSJXVSTMGEPJMWLEVIWSPHMRXLI9RMXIH7XEXIW ERH XLI] LEZI IEVRIH E WTSX RI\X XS XLI EPP%QIVMGER HSK ERHXLI GYHHP] OMXXIR MR XLI LIEVXW SJ QMPPMSRW SJ TISTPI 8SHE] - [SYPH PMOI XS I\TPEMR LS[ ]SY GER WXEVX E LSQI EUYEVMYQERHHMWGSZIVXLITPIEWYVIWSJS[RMRKXVSTMGEPJMWL
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7XEVXPIXLI%YHMIRGI 3RIWYVIJMVI[E]XSEVSYWIMRXIVIWXUYMGOP]MWXSWXEVXPI]SYVPMWXIRIVW[MXLER EVVIWXMRK SV MRXVMKYMRK WXEXIQIRX )ZIV]SRI MR XLI EYHMIRGI TEMH GPSWI EXXIR XMSREJXIVXLMWWTIEOIVtWMRXVSHYGXMSR 8EOIEQSQIRXERHXLMROSJXLIXLVII[SQIRGPSWIWXXS]SY;LSGSQIWXSQMRH# =SYVQSXLIV#=SYVWMWXIV#=SYVKMVPJVMIRH#=SYV[MJI#=SYVFIWXJVMIRH#2S[KYIWW[LMGL SRI[MPPFIWI\YEPP]EWWEYPXIHHYVMRKLIVPMJIXMQI-XtWRSXETPIEWERXXLSYKLXFYXEGGSVHMRK XS XLI 97 (ITEVXQIRX SJ .YWXMGI SRI SJ IZIV] XLVII %QIVMGER [SQIR [MPP FI WI\YEPP] EWWEYPXIHWSQIXMQIHYVMRKLIVPMJI
2SXMGI XLI KVEHYEP FYMPHYT XS XLI WTIEOIVtW EVVIWXMRK WXEXIQIRX q2S[ KYIWW [LMGLSRI[MPPFIWI\YEPP]EWWEYPXIHHYVMRKLIVPMJIXMQIr8LMWWXEXIQIRXWXEVXPIW XLIEYHMIRGIhIWTIGMEPP]XLIQIRhERHHVMZIWLSQIEXETIVWSREPPIZIPXLITVSF PIQSJWI\YEPEWWEYPXEKEMRWX[SQIR8LIIJJIGX[SYPHLEZIFIIRQYGLPIWWMJXLI WTIEOIVLEHWEMHq7I\YEPEWWEYPXEKEMRWX[SQIRMWEWIVMSYWTVSFPIQr 7SQIXMQIW]SYQE][ERXXSWXEVXPI]SYVEYHMIRGIMRXLIZIV]JMVWXWIRXIRGI SJ]SYVWTIIGL,IVIMWLS[SRIWXYHIRXFIKERLIVWTIIGLSTTSWMRKXLIYWISJ 2EXMZI%QIVMGERREQIWJSVWTSVXWXIEQW -RXSRMKLXtWKEQIWXLI7ER%RXSRMS7TMGWEVITPE]MRKXLI2I[.IVWI].ETW[LMPIXLI 0SW%RKIPIW.I[W[MPPXEOISRXLI1MRRIWSXE4SPEGOW
8LMWXIGLRMUYIMWLMKLP]IJJIGXMZIERHIEW]XSYWI.YWXFIWYVIXLIWXEVXPMRK MRXVSHYGXMSR VIPEXIW HMVIGXP] XS XLI WYFNIGX SJ ]SYV WTIIGL -J ]SY GLSSWI E WXVSRKSTIRMRKWMQTP]JSVMXWWLSGOZEPYIERHXLIRKSSRXSXEPOEFSYXWSQI XLMRKIPWI]SYVEYHMIRGI[MPPFIGSRJYWIHERHTSWWMFP]ERRS]IH
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8LI1G+VE[n,MPP 'SQTERMIW
%KSSHMRXVSHYGXMSR[MPPKIX ]SYVWTIIGLSJJXSEWXVSRK WXEVX8SFIQSWXIJJIGXMZIMX WLSYPHVIPEXIXLIXSTMGXSXLI EYHMIRGIERHFIHIPMZIVIH JVSQEQMRMQYQSJRSXIW
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2SX SRP] HSIWXLMWWTIEOIV VIPEXI XLI XSTMG HMVIGXP] XS LMWGPEWWQEXIW LI KIXW XLIQ JYVXLIV MRZSPZIH F] FYMPHMRK WYWTIRWI EFSYX XLI qKMJXr XLEX IEGL SJ YW LEW 2SXMGI LS[ QYGL PIWW IJJIGXMZI XLI MRXVSHYGXMSR [SYPH LEZI FIIR MJ LI LEHWMQTP]WEMHq8SHE]-EQKSMRKXSXEPOEFSYXSVKERHSREXMSRr
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8LI-RXVSHYGXMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8LI1G+VE[n,MPP 'SQTERMIW
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8LI1G+VE[n,MPP 'SQTERMIW
%W]SYVIWIEVGL]SYV WTIIGLIWOIITERI]ISYX JSVUYSXEXMSRWWXSVMIWERH SXLIVQEXIVMEPW]SYGERYWI XSGVEJXERMRXVSHYGXMSRXLEX [MPPGETXYVIXLIEXXIRXMSRSJ ]SYVPMWXIRIVW
&] STIRMRK [MXL 8[EMRtW [SVHW XLI WTIEOIV RSX SRP] KSX XLI EYHMIRGItW EXXIRXMSRFYXEPWSJSVIWLEHS[IHEGIRXVEPXLIQISJLIVWTIIGL2SXMGIXSS XLEXFSXLSJXLIUYSXEXMSRWYWIHLIVIEWI\EQTPIWEVIVIPEXMZIP]WLSVX3TIR MRK]SYVWTIIGL[MXLEPIRKXL]UYSXEXMSRMWEWYVI[E]XSWIX]SYVEYHMIRGI ]E[RMRK
8IPPE7XSV] ;IEPPIRNS]WXSVMIWhIWTIGMEPP]MJXLI]EVITVSZSGEXMZIEQYWMRKHVEQEXMGSV WYWTIRWIJYP8S[SVO[IPPEWMRXVSHYGXMSRWXLI]WLSYPHEPWSFIGPIEVP]VIPIZERX XSXLIQEMRTSMRXSJXLIWTIIGL9WIHMRXLMW[E]WXSVMIWEVITIVLETWXLIQSWX IJJIGXMZI[E]XSFIKMREWTIIGL 'SRWMHIVJSVI\EQTPIXLIWXSV]SRIWXYHIRXXSPHXSSTIRLMWWTIIGLEFSYX %QIVMGEtWGVYQFPMRKFVMHKIW +EV]&EFMRIEYXLSYKLXLI[EWHIEH-X[EW%YKYWXERHLILEHNYWXHVMZIR LMWFPYI'LIZ]XVYGOSRXSXLI-;IWXFVMHKIMR1MRRIETSPMW[LIRXLI]IEVSPHWXVYG XYVIFIKERGSPPETWMRKq-LIEVHEVYQFPMRKPMOIENEGOLEQQIVrLIWEMHPEXIVqERHXLIRMX GSQTPIXIP]KEZI[E]r,MWTMGOYTTPYQQIXIHJIIXPERHMRKYTWMHIHS[RXLIFIHWIZ IVIHJVSQXLIGEF1MVEGYPSYWP]&EFMRIEY[LS[EW[IEVMRKLMWWIEXFIPXWYVZMZIHFYX SXLIVW [IVI RSX WS PYGO] 8LMVXIIR TISTPI HMIH XLEX HE] QSVI XLER E LYRHVIH [IVI MRNYVIH 8LIGSPPETWISJXLI-FVMHKIMR1MRRIETSPMW[EWEXVEKIH]FYXMX[MPPRSXFIXLIPEWX SRI8LIVIEVIFVMHKIWEGVSWWXLIGSYRXV]VEXIHEWqWXVYGXYVEPP]HIJMGMIRXrF]XLI *IHIVEP,MKL[E]%HQMRMWXVEXMSR8LIWIFVMHKIWGEVV]QMPPMSRZILMGPIWEHE]ERHSRI GERSRP][SRHIV[LMGL[MPPFIXLIRI\XXSKS
0MOIQER]KSSHMRXVSHYGXMSRWXLMWSRIHSIWEHSYFPINSFhMXEVSYWIWXLIMRXIV IWXSJXLIEYHMIRGIERHKIXWPMWXIRIVWIQSXMSREPP]MRZSPZIHMRXLIWTIIGL =SY GER EPWS YWI WXSVMIW FEWIH SR ]SYV TIVWSREP I\TIVMIRGI ,IVI MW LS[ SRITVIQIHWXYHIRXYWIHWYGLEWXSV]7LIFIKERF]VIGSYRXMRKXLIJMVWXXMQI WLISFWIVZIHHSGXSVWTIVJSVQMRKWYVKIV]MRXLISTIVEXMRKVSSQ
8LI-RXVSHYGXMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
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8LI1G+VE[n,MPP 'SQTERMIW
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GSRRIGXPYGEWGSQ :MI[XLIFIKMRRMRKSJ q,STMRKXS,IEPrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
8LI IJJIGXMZIRIWW SJ ER] WXSV]hIWTIGMEPP] E TIVWSREP SRIhLMRKIW SR XLI WTIEOIVt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
6):)%08,)834-' -R XLI TVSGIWW SJ KEMRMRK EXXIRXMSR FI WYVI XS WXEXI GPIEVP] XLI XSTMG SJ ]SYV WTIIGL-J]SYHSRSX]SYVPMWXIRIVW[MPPFIGSRJYWIH%RHSRGIXLI]EVIGSR JYWIH]SYVGLERGIWSJKIXXMRKXLIQEFWSVFIHMRXLIWTIIGLEVIEPQSWXRMP 8LMWMWEFEWMGTSMRXhWSFEWMGXLEXMXQE]LEVHP]WIIQ[SVXLQIRXMSRMRK =IX]SY[SYPHFIWYVTVMWIHLS[QER]WXYHIRXWRIIHXSFIVIQMRHIHSJMX=SY QE]LIEVWTIIGLIWMR]SYVS[RGPEWWMR[LMGLXLIXSTMGMWRSXGPIEVF]XLIIRH SJXLIMRXVSHYGXMSR7S]SY[MPPORS[[LEXXSEZSMHLIVIMWWYGLERMRXVSHYG XMSRTVIWIRXIHMRETYFPMGWTIEOMRKGPEWW -QEKMRIXEOMRKEPIMWYVIP]FSEXVMHIEPSRKETIEGIJYP[EXIV[E]8LIWYRMWLMKLMRXLI WO]VIJPIGXMRKFVMKLXP]SJJXLIVMTTPIWEVSYRH]SY8LIFEROWEVIPYWL[MXLQERKVSZIERH G]TVIWWXVIIW=SYWIIEWXEXIP]TIPMGERVIWXMRKSREPS[P]MRKFVERGL=SYKVEF]SYVGEQ IVEWRETEWLSXERHGLIGOXLIVIWYPX8LITMGXYVIMWTIVJIGX&YX[MPPMXFITIVJIGXMRXLI JYXYVI#8LEXMWXLIUYIWXMSR-[ERXXSI\TPSVIXSHE]
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8LI1G+VE[n,MPP 'SQTERMIW
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[LIXLIVEWTIEOIVMWUYEPMJMIH XSWTIEOSREKMZIRXSTMG
;LIXLIVSVRSX]SYPMJX[IMKLXW]SY[MPPTVSFEFP]FIQSVIMRXIVIWXIHMRXLI WTIIGL[LIR]SYVIEPM^IXLIWTIEOIVORS[W[LEXWLIMWXEPOMRKEFSYX =SYVGVIHMFMPMX]RIIHRSXFIFEWIHSRJMVWXLERHORS[PIHKIERHI\TIVMIRGI -X GER GSQI JVSQ VIEHMRK JVSQ GPEWWIW JVSQ MRXIVZMI[W JVSQ JVMIRHWhEW MR XLIWIGEWIW -LEZIFIIRMRXIVIWXIHMRXLILMWXSV]SJXLIGMZMPVMKLXWQSZIQIRXJSVWIZIVEP]IEVWERH -LEZIVIEHERYQFIVSJFSSOWERHEVXMGPIWEFSYXMX 8LIMRJSVQEXMSR-EQKSMRKXSWLEVI[MXL]SYXSHE]GSQIWQSWXP]JVSQQ]FMSPSK] GPEWWERHERMRXIVZMI[[MXL6I]RE:EWUYI^SJXLIPSGEP%YHYFSR7SGMIX]
;LEXIZIVXLIWSYVGISJ]SYVI\TIVXMWIFIWYVIXSPIXXLIEYHMIRGIORS[
8LI-RXVSHYGXMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIIGL-RXVSHYGXMSR
23
(S - KEMR XLI EXXIRXMSR ERH MRXIVIWX SJ Q] EYHMIRGI F] YWMRK SRI SV QSVI SJ XLI QIXLSHW HMWGYWWIH MR XLMW GLETXIV# (S-VIPEXIXLIWTIIGLXSTMGXSQ]EYHMIRGI# (S-GPIEVP]VIZIEPXLIXSTMGSJQ]WTIIGL# (S-IWXEFPMWLQ]GVIHMFMPMX]XSWTIEOSRXLMWXSTMG# -JQ]XSTMGMWGSRXVSZIVWMEPHS-XEOIWXITWXSIWXEFPMWLQ] KSSH[MPPXS[EVHXLIEYHMIRGI# GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7TIIGL8SSPWJSV XLMWGLETXIV
(S-HIJMRIER] OI] XIVQW XLEX [MPP FI RIGIWWEV] JSVXLI EYHMIRGIXSYRHIVWXERHXLIVIWXSJQ]WTIIGL# (S-TVSZMHIETVIZMI[WXEXIQIRXSJXLIQEMRTSMRXWXSFI GSZIVIHMRXLIFSH]SJXLIWTIIGL# -WXLIMRXVSHYGXMSRPMQMXIHXSiTIVGIRXSJQ]IRXMVI WTIIGL# ,EZI - [SVOIH SYX XLI PERKYEKI SJ Q] MRXVSHYGXMSR MRHIXEMP# ,EZI - TVEGXMGIH XLI HIPMZIV] SJ Q] MRXVSHYGXMSR WS - GER TVIWIRX MXJPYIRXP] GSRJMHIRXP] ERH[MXLWXVSRK I]I GSRXEGX#
KSSH[MPP 8LIEYHMIRGItWTIVGITXMSRSJ [LIXLIVXLIWTIEOIVLEWXLI FIWXMRXIVIWXWSJXLIEYHMIRGI MRQMRH
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tSTTSWMXMSREX XLIWXEVXSJEWTIIGLMRJEZSVSJFYMPHMRKQSVIRYGPIEVTS[IVTPERXW 8LIHIZIPSTQIRXSJRI[RYGPIEVTS[IVTPERXWMRXLI9RMXIH7XEXIWGEQIXSEWXERHWXMPP HYVMRKXLIW=IXEW(MWGSZIVQEKE^MRIWXEXIHNYWXPEWXQSRXLXLIXMQILEWGSQIXS PSSOEKEMREXXLIFIRIJMXWSJRYGPIEVTS[IV9RPMOIJSWWMPJYIPW MXHSIWRSXGSRXVMFYXIXS KPSFEP[EVQMRKMXHSIWRSXPIEZI%QIVMGEEXXLIQIVG]SJJSVIMKRSMPERH[MXLEHZERGIW MRXIGLRSPSK]MXMWQYGLWEJIVXLERFIJSVI 8LEXtW[L]-tQWTIEOMRKMRJEZSVSJFYMPHMRKQSVIRYGPIEVTS[IVTPERXWXSQIIXSYV JYXYVIIRIVK]RIIHW-ORS[QSWXSJ]SYSTTSWIRYGPIEVTS[IVh-HMHXSSYRXMP-WXEVXIH VIWIEVGLMRKXLMWWTIIGL8SHE]-tHPMOIXSWLEVI[MXL]SYWSQISJXLIJEGXW-LEZIJSYRH- ORS[-GERtXTIVWYEHIEPPSJ]SY&YX-HSEWO]SYXSPMWXIR[MXLERSTIRQMRHERHXSGSR WMHIVXLIQIVMXSJQ]EVKYQIRXW
;LEXVIEWSREFPIPMWXIRIVGSYPHMKRSVIWYGLEWMRGIVIJSVXLVMKLXTPIE#
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
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8LI1G+VE[n,MPP 'SQTERMIW
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TVIZMI[WXEXIQIRX %WXEXIQIRXMRXLIMRXVSHYGXMSR SJEWTIIGLXLEXMHIRXMJMIWXLI QEMRTSMRXWXSFIHMWGYWWIHMR XLIFSH]
%JXIVXLMWMRXVSHYGXMSRXLIVI[EWRSHSYFXEFSYX1YIPPIVtWXSTMGSVXLIQEMR TSMRXWLI[SYPHGSZIVMRLMWWTIIGL -R WSQI X]TIW SJ TIVWYEWMZI WTIIGLIW ]SY QE] RSX [ERX XS VIZIEP ]SYV GIRXVEPMHIEYRXMPPEXIVMRXLIWTIIGL&YXIZIRMRWYGLEWMXYEXMSR]SYQYWXFI WYVI]SYVEYHMIRGIMWRSXPIJXKYIWWMRKEFSYXXLIQEMRTSMRXWXLI]WLSYPHPMWXIR JSVEWXLIWTIIGLYRJSPHW2IEVP]EP[E]W]SYWLSYPHMRGPYHIETVIZMI[WXEXIQIRX PMOIXLIJSPPS[MRK 8SHE]-[MPPWLEVITEVXSJ[LEX-LEZIPIEVRIHF]I\TPEMRMRK[LEXLETTIRW[LIR]SY VIGIMZI ER EGYTYRGXYVI XVIEXQIRX LS[ EGYTYRGXYVI[SVOW XLI OMRHW SJQIHMGEPGSRHM XMSRWXLEXGERFIXVIEXIH[MXLEGYTYRGXYVIERHXLIKVS[MRKYWISJEGYTYRGXYVIMRGSQ FMREXMSR[MXL;IWXIVRQIHMGEPXIGLRMUYIW -tQLIVIXSXIPP]SYXLEXXV]EW[IQMKLX[IGERRSXFYMPHEFYFFPIFIX[IIRSYVWIPZIW ERHKIVQW[MXLERXMFEGXIVMEPTVSHYGXWERHXLEXXLIWITVSHYGXWEGXYEPP]GVIEXIQSVITVSF PIQWXLERXLI]WSPZI%JXIVPSSOMRKEXXLITVSFPIQWGVIEXIHF]ERXMFEGXIVMEPTVSHYGXW[ItPP I\TPSVIWSQIWSPYXMSRW
4VIZMI[ WXEXIQIRXW WYGL EW XLIWI WIVZI ERSXLIV TYVTSWI EW [IPP &IGEYWI XLI]YWYEPP]GSQIEXXLIZIV]IRHSJXLIMRXVSHYGXMSRXLI]TVSZMHIEWQSSXL PIEHMRXSXLIFSH]SJXLIWTIIGL8LI]WMKREPXLEXXLIFSH]SJXLIWTIIGLMW EFSYXXSFIKMR 8LIVIMWSRISXLIVEWTIGX]SYQE][ERXXSGSZIVMRTVIZMI[MRK]SYVWTIIGL =SY GER YWI ]SYV MRXVSHYGXMSR XS KMZI WTIGMEPM^IH MRJSVQEXMSRhHIJMRMXMSRW SV FEGOKVSYRHhXLEX]SYVPMWXIRIVW[MPPRIIHMJXLI]EVIXSYRHIVWXERHXLIVIWXSJXLI WTIIGL3JXIR]SYGERHSXLMWZIV]UYMGOP]EWMRXLIJSPPS[MRKI\EQTPI
GSRRIGXPYGEWGSQ :MI[XLIWITVIZMI[WXEXI QIRXWJVSQWXYHIRXW WTIIGLIWMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
%XVMEXLPSRMWEVEGIQEHIYTSJXLVIIHMJJIVIRXIZIRXWGSQTPIXIHMRWYGGIWWMSR8LI IZIRXWEVIYWYEPP]W[MQQMRKFMOMRKERHVYRRMRKXLSYKLGERSIMRKMWWSQIXMQIWWYFWXM XYXIHJSVSRISJXLIWI
-RSXLIVGMVGYQWXERGIW]SYQE]LEZIXSI\TPEMRERMQTSVXERXXIVQMRQSVI HIXEMP,IVIMWLS[SRIWXYHIRXLERHPIHXLITVSFPIQMREWTIIGLEFSYXXLI9RHIV KVSYRH6EMPVSEHYWIHF]WPEZIWXSIWGETIJVSQXLI7SYXLFIJSVIXLI'MZMP;EV 8LIXIVQq9RHIVKVSYRH6EMPVSEHr[EWJMVWXYWIHEFSYX&YXMRJEGXXLI9RHIV KVSYRH6EMPVSEH[EWRIMXLIVYRHIVKVSYRHRSVEVEMPVSEH-X[EWERMRJSVQEPRIX[SVOXLEX TVSZMHIH VYRE[E] WPEZIW JSSH GPSXLMRK HMVIGXMSRW ERH TPEGIW XS LMHI SR XLIMV IWGETI VSYXIWXSXLI2SVXLERHXS'EREHE
8LI-RXVSHYGXMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;L] [EW MX GEPPIH XLI 9RHIVKVSYRH 6EMPVSEH# &IGEYWI SJ MXW WIGVIG] ERH FIGEYWI QER]SJXLITISTPIMRZSPZIHYWIHVEMPVSEHXIVQWEWGSHI[SVHW,MHMRKTPEGIWJSVI\EQTPI [IVIGEPPIHqWXEXMSRWrERHTISTPI[LSLIPTIHXLIWPEZIW[IVIGEPPIHqGSRHYGXSVWr3ZIV XLI ]IEVW XLI 9RHIVKVSYRH 6EMPVSEH LIPTIH XLSYWERHW SJ WPEZIW QEOI XLIMV [E] JVSQ FSRHEKIXSJVIIHSQ
7%140)-2863(9'8-32;-8,'311)28%6= 7SJEV[ILEZIWIIRQER]I\GIVTXWWLS[MRKLS[XSJYPJMPPXLIZEVMSYWSFNIG XMZIWSJERMRXVSHYGXMSR2S[LIVIMWEGSQTPIXIMRXVSHYGXMSRJVSQEWXYHIRX WTIIGL 8LI WMHI GSQQIRXW MRHMGEXI XLI TVMRGMTPIW YWIH MR HIZIPSTMRK XLI MRXVSHYGXMSR
8LI1MVEGPISJ&SRI1EVVS[8VERWTPERXW '311)28%6=
-2863(9'8-32
8LI WTIEOIV YWIW E WXSV] XS KEMR EXXIRXMSR 8LMWWXSV][SVOWTEVXMGYPEVP][IPPFIGEYWIMX MW VMGLP] HIXEMPIH ERH MW LMKL MR LYQER MRXIVIWX
/EX],YFFIPP[EWJSYV]IEVWSPH[LIRWLI[EWHMEKRSWIH[MXL EWIZIVIGEWISJETPEWXMGERIQMEEHMWIEWIMR[LMGLXLIFSRI QEVVS[WXSTWTVSHYGMRKRI[FPSSHGIPPW%JXIVWIZIVEPX]TIW SJ XVIEXQIRX JEMPIH /EX] YRHIV[IRX E FSRI QEVVS[ XVERW TPERX,IVHSRSV[EWE]IEVSPHEMVPMRIQEREKIV[LSPMZIH XLSYWERHW SJ QMPIW E[E] ,MW KIRIVSWMX] WEZIH XLI PMJI SJ E PMXXPIKMVPLILEHRIZIVQIX8SHE]/EX]MWEREGXMZITVIXIIRKMVP [LSPSZIW,EVV]4SXXIVFSSOWERH[ERXWXSFIEGLIIVPIEHIV
2S[ XLI WTIEOIV VIZIEPW LIV XSTMG 'EPPMRK FSRI QEVVS[ XVERWTPERXW E qQIHMGEP QMVE GPIrVIMRJSVGIWXLIMQTSVXERGISJXLIWYFNIGX [LMPI I\TPEMRMRK LIV TIVWSREP MRZSPZIQIRX WLS[WXLIWTIEOIVtWKSSH[MPPERHLIPTWIWXEF PMWLLIVGVIHMFMPMX]
&SRI QEVVS[ XVERWTPERXW LEZI FIIR GEPPIH E QIHMGEP QMVEGPI FIGEYWI SJ XLIMV PMJIWEZMRK GETEFMPMX] - JMVWX FIGEQI MRXIVIWXIH MR XLI WYFNIGX [LIR E ]IEVSPH QIQFIV SJ Q] GLYVGL[EWHMEKRSWIH[MXLPIYOIQME-NSMRIHEGSQQMXXIIXS TYFPMGM^I+VIKtWGEWIERHXSWIIOTSXIRXMEPHSRSVW)ZIRXYEPP] EWYMXEFPIHSRSV[EWJSYRHERH+VIKMWRS[ELIEPXL]LMKL WGLSSPWSTLSQSVI
,IVIXLIWTIEOIVVIPEXIWXLIXSTMGHMVIGXP]XS LIV EYHMIRGI ERH WLS[W [L] XLI] WLSYPH GEVI EFSYX MX 8LI GSQFMREXMSR SJ WXEXMWXMGW [MXLXLIUYSXEXMSRJVSQXLI*SSHERH(VYK %HQMRMWXVEXMSRVIMRJSVGIWXLIMQTSVXERGISJ XLIXSTMG
&IGEYWI SJ +VIKtW MPPRIWW - PIEVRIH XLEX ER]SRI GER KIX WMGOERHRIIHEFSRIQEVVS[HSREXMSR-XGSYPHFIER]SJYW MRXLMWVSSQEGPSWIJVMIRHSVIZIREJEQMP]QIQFIV%RIWXM QEXIHFSRIQEVVS[XVERWTPERXWEVITIVJSVQIHMRXLI 97IEGL]IEV%GGSVHMRKXSXLI97*SSHERH(VYK%HQMRMW XVEXMSRXLIWIXVERWTPERXWKMZITEXMIRXWqEGLERGIXSFIEXHMW IEWIWSRGIFIPMIZIHXSLEZIRSGYVIr
&]QIRXMSRMRKLIVVIWIEVGLXLIWTIEOIVJYV XLIV FSPWXIVW LIV GVIHMFMPMX] 7LI XLIR IRHW XLI MRXVSHYGXMSR F] TVIZMI[MRK XLI QEMR TSMRXW XS FI HMWGYWWIH MR XLI FSH] SJ XLI WTIIGL
8LVSYKLQ]VIWIEVGLJSVXLMWWTIIGL-LEZIPIEVRIHQYGL QSVIEFSYXXLMWVIQEVOEFPITVSGIHYVI8SHE]-[SYPHPMOIXS XEPO [MXL ]SY EFSYX FSRI QEVVS[ HSREXMSRhLS[ WMQTPI E TVSGIWW MX MW JSV XLI HSRSV LS[ EFWSPYXIP] ZMXEP MX MW JSV XLI VIGMTMIRXERHLS[HSRSVWERHVIGMTMIRXWJMRHSRIERSXLIV
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)WXEFPMWLMRKKSSH[MPPMRXLI MRXVSHYGXMSRMWIWTIGMEPP] MQTSVXERXJSVWTIEOIVW[LS GSRJVSRXGSRXVSZIVWMEPMWWYIWh EW[MXL'EREHMERSJJMGMEP.SLR +IVVIXWIRWTIEOMRKLIVISR RIKSXMEXMSRWEFSYXPERHYWI
8-47*3646)4%6-2+8,)-2863(9'8-32 / IIT XLI MRXVSHYGXMSR VIPEXMZIP] FVMIJ 9RHIV RSVQEP GMVGYQWXERGIW MX WLSYPHRSXGSRWXMXYXIQSVIXLERXSTIVGIRXSJ]SYVWTIIGL & I SR XLI PSSOSYX JSV TSWWMFPI MRXVSHYGXSV] QEXIVMEPW EW ]SY HS ]SYV VIWIEVGL*MPIXLIQ[MXL]SYVRSXIWWSXLI][MPPFILERH][LIR]SYEVIVIEH] JSVXLIQ & IGVIEXMZIMRHIZMWMRK]SYVMRXVSHYGXMSR)\TIVMQIRX[MXLX[SSVXLVII HMJJIVIRXSTIRMRKWERHGLSSWIXLISRIXLEXWIIQWQSWXPMOIP]XSKIXXLIEYHM IRGIMRXIVIWXIHMR]SYVWTIIGL ( SRtX [SVV] EFSYX XLI I\EGX [SVHMRK SJ ]SYV MRXVSHYGXMSR YRXMP ]SY LEZI JMRMWLIH TVITEVMRK XLI FSH] SJ XLI WTIIGL %JXIV ]SY LEZI HIXIVQMRIH ]SYVQEMRTSMRXWMX[MPPFIQYGLIEWMIVXSQEOIJMREPHIGMWMSRWEFSYXLS[XS FIKMRXLIWTIIGL ; SVOSYX]SYVMRXVSHYGXMSRMRHIXEMP7SQIXIEGLIVWVIGSQQIRHXLEX ]SY [VMXI MX SYX [SVH JSV [SVH SXLIVW TVIJIV XLEX ]SY SYXPMRI MX ;LMGLIZIV QIXLSH]SYYWITVEGXMGIXLIMRXVSHYGXMSRSZIVERHSZIVYRXMP]SYGERHIPMZIV MXWQSSXLP]JVSQEQMRMQYQSJRSXIWERH[MXLWXVSRKI]IGSRXEGX8LMW[MPP KIX]SYVWTIIGLSJJXSEKSSHWXEVXERHKMZI]SYEFMKFSSWXSJGSRJMHIRGI
8LI'SRGPYWMSR q+VIEXMWXLIEVXSJFIKMRRMRKrWEMH0SRKJIPPS[qFYXKVIEXIVXLIEVXMWSJIRH MRKr0SRKJIPPS[ [EWXLMROMRKSJTSIXV]FYXLMWMRWMKLXMWIUYEPP] ETTPMGEFPI XSTYFPMGWTIEOMRK1ER]EWTIEOIVLEWQEVVIHERSXLIV[MWIJMRIWTIIGLF]E PSRK[MRHIH WMPP] SVERXEKSRMWXMGGSRGPYWMSR=SYVGPSWMRK VIQEVOWEVI]SYV
8LI'SRGPYWMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
PEWX GLERGI XS HVMZI LSQI ]SYV MHIEW 1SVISZIV ]SYV JMREP MQTVIWWMSR [MPP TVSFEFP]PMRKIVMR]SYVPMWXIRIVWtQMRHW8LYW]SYRIIHXSGVEJX]SYVGSRGPY WMSR[MXLEWQYGLGEVIEW]SYVMRXVSHYGXMSR 2S QEXXIV [LEX OMRH SJ WTIIGL ]SY EVI KMZMRK XLI GSRGPYWMSR LEW X[S QENSVJYRGXMSRW 8SPIXXLIEYHMIRGIORS[]SYEVIIRHMRKXLIWTIIGL 8S VIMRJSVGI XLI EYHMIRGItW YRHIVWXERHMRK SJ SV GSQQMXQIRX XS XLI GIRXVEPMHIE 0IXYWPSSOEXIEGL
7-+2%08,))2(3*8,)74))',
GVIWGIRHSIRHMRK %GSRGPYWMSRMR[LMGLXLI WTIIGLFYMPHWXSE^IRMXLSJ TS[IVERHMRXIRWMX]
GSRRIGXPYGEWGSQ :MI[XLIIRHMRKSJ1EVXMR 0YXLIV/MRKtWq-tZI&IIRXS XLI1SYRXEMRXSTrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
-XQE]WIIQSFZMSYWXLEX]SYWLSYPHPIX]SYVEYHMIRGIORS[]SYEVIKSMRKXS WXST WSSR ,S[IZIV ]SY [MPP EPQSWX GIVXEMRP] LIEV WTIIGLIW MR ]SYV GPEWW MR [LMGL XLI WTIEOIV GSRGPYHIW WS EFVYTXP] XLEX ]SY EVI XEOIR F] WYVTVMWI 8SS WYHHIRERIRHMRKPIEZIWXLIEYHMIRGITY^^PIHERHYRJYPJMPPIH ,S[ HS ]SY PIX ER EYHMIRGI ORS[ ]SYV WTIIGL MW IRHMRK# 3RI [E] MW XLVSYKL[LEX]SYWE]q-RGSRGPYWMSRrq1]TYVTSWILEWFIIRrq0IXQIIRH F]WE]MRKrhXLIWIEVIEPPFVMIJGYIWXLEX]SYEVIKIXXMRKVIEH]XSWXST =SYGEREPWSPIX]SYVEYHMIRGIORS[XLIIRHMWMRWMKLXF]]SYVQERRIVSJ HIPMZIV]8LIGSRGPYWMSRMWXLIGPMQE\SJEWTIIGL%WTIEOIV[LSLEWGEVIJYPP]FYMPX XSETIEOSJMRXIVIWXERHMRZSPZIQIRX[MPPRSXRIIHXSWE]ER]XLMRKPMOIqMRGSRGPY WMSRr&]YWISJXLIZSMGIhMXWXSRITEGMRKMRXSREXMSRERHVL]XLQhEWTIEOIVGER FYMPHXLIQSQIRXYQSJEWTIIGLWSXLIVIMWRSHSYFX[LIRMXMWSZIV 3RIQIXLSHSJHSMRKXLMWLEWFIIRPMOIRIHXSEQYWMGEPGVIWGIRHS%WMR E W]QTLSR] MR [LMGL SRI MRWXVYQIRX EJXIV ERSXLIV NSMRW MR YRXMP XLI IRXMVI SVGLIWXVEMWTPE]MRKXLIWTIIGLFYMPHWMRJSVGIYRXMPMXVIEGLIWE^IRMXLSJTS[IV ERH MRXIRWMX] 8LMW HSIW RSX QIER WMQTP] KIXXMRK PSYHIV ERH PSYHIV -X MW E GSQFMREXMSRSJQER]XLMRKWMRGPYHMRKZSGEPTMXGLGLSMGISJ[SVHWHVEQEXMG GSRXIRXKIWXYVIWTEYWIWhERHTSWWMFP]PSYHRIWW % WYTIVF I\EQTPI SJ XLMW QIXLSH MW XLI QIQSVEFPI GSRGPYWMSR XS 1EVXMR 0YXLIV/MRKtWq-tZI&IIRXSXLI1SYRXEMRXSTrXLIWTIIGLLIHIPMZIVIHXLIRMKLX FIJSVILI[EWEWWEWWMREXIHMR%TVMP7TIEOMRKXSEREYHMIRGISJTISTPI MR1IQTLMW8IRRIWWIILIIRHIHLMWWTIIGL[MXLEWXMVVMRKHIGPEVEXMSRXLEXXLI GMZMPVMKLXWQSZIQIRX[SYPHWYGGIIHHIWTMXIXLIQER]XLVIEXWSRLMWPMJI 0MOIER]FSH]-[SYPHPMOIXSPMZIEPSRKPMJI0SRKIZMX]LEWMXWTPEGIFYX-tQRSXGSR GIVRIHEFSYXXLEXRS[-NYWX[ERXXSHS+SHtW[MPPERHLItWEPPS[IHQIXSKSYTXSXLI QSYRXEMRERH-tZIPSSOIHSZIVERH-tZIWIIRXLI4VSQMWIH0ERH-QE]RSXKIXXLIVI[MXL ]SYFYX-[ERX]SYXSORS[XSRMKLXXLEX[IEWETISTPI[MPPKIXXSXLI4VSQMWIH0ERH7S -tQ LETT]XSRMKLX -tQ RSX[SVVMIH EFSYX ER]XLMRK -tQRSX JIEVMRKER] QER 1MRI I]IW LEZIWIIRXLIKPSV]SJXLIGSQMRKSJXLI0SVH
%RSXLIVIJJIGXMZIQIXLSHQMKLXFIGSQTEVIHXSXLIHMWWSPZIIRHMRKSJE GSRGIVXWSRKXLEXIZSOIWHIITIQSXMSRWq8LIWSRKWIIQWXSJEHIE[E][LMPI XLIPMKLXSRXLIWMRKIVWLVMROWKVEHYEPP]XSEWQEPPIVERHWQEPPIVGMVGPIYRXMPMX PMKLXWSRP]XLIJEGIXLIRXLII]IW*MREPP]MXMWETMRTSMRXERHHMWETTIEVW[MXL XLIPEWXRSXISJXLIWSRKr,IVIMWEWTIIGLIRHMRKXLEXHSIWQYGLXLIWEQI XLMRK-XMWJVSQ+IRIVEP(SYKPEW1EG%VXLYVtWQSZMRKJEVI[IPPXSXLIGEHIXWEX XLI971MPMXEV]%GEHIQ]
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIGSRGPYWMSRMW]SYVPEWX GLERGIXSHVMZILSQI]SYV MHIEW7YGGIWWJYPWTIEOIVWWYGL EW7SYXL%JVMGERWXEXIWQER 2IPWSR1ERHIPEGVEJXXLIMV IRHMRKW[MXLKVIEXGEVIXS PIEZIEWXVSRKJMREPMQTVIWWMSR
-R Q] HVIEQW - LIEV EKEMR XLI GVEWL SJ KYRW XLI VEXXPI SJ QYWOIXV] XLI WXVERKI QSYVRJYPQYXXIVSJXLIFEXXPIJMIPH&YXMRXLIIZIRMRKSJQ]QIQSV]EP[E]W-GSQIFEGO XS;IWX4SMRX%P[E]WXLIVIIGLSIWERHVIIGLSIWHYX]LSRSVGSYRXV] 8SHE]QEVOWQ]JMREPVSPPGEPP[MXL]SY&YX-[ERX]SYXSORS[XLEX[LIR-GVSWWXLI VMZIVQ]PEWXGSRWGMSYWXLSYKLXW[MPPFISJXLI'SVTWERHXLI'SVTWERHXLI'SVTW -FMH]SYJEVI[IPP
GSRRIGXPYGEWGSQ 8SVIEHXLIWIWTIIGLIWF] /MRKERH1EG%VXLYVPSKSR XSXLI8ST%QIVMGER 7TIIGLIWSJXLIXL 'IRXYV]MRXLISRPMRI 6IWIEVGL0MFVEV]
8LI JMREP [SVHW JEHI PMOI XLI WTSXPMKLX FVMRKMRK XLI WTIIGL XS ER IQSXMSREP GPSWI =SY QE] XLMRO XLEX ]SY GSYPHRtX TSWWMFP] IRH E WTIIGL [MXL XLEX QYGL TEXLSWhERH]SYtHFIVMKLX1EG%VXLYV[EWERIPSUYIRXWTIEOIVHMWGYWWMRKE KVEZIMWWYI[MXLI\XVESVHMREV]TSMKRERGI8LMWGSQFMREXMSRVEVIP]SGGYVW&YX XLEXHSIWRtXQIER]SYGERtXYWIXLIHMWWSPZIIRHMRKIJJIGXMZIP]3RIWXYHIRX YWIH MX [MXL KVIEX IJJIGX MR E WTIIGL EFSYX XLI MQQMKVERX I\TIVMIRGI MR XLI 9RMXIH 7XEXIW (YVMRK XLI FSH] SJ XLI WTIIGL XLI WXYHIRX WTSOI EFSYX XLI RYQFIVW SJ MQQMKVERXW ERH XLI GLEPPIRKIW XLI] JEGIH 8LIR MR LIV GSRGPY HMWWSPZIIRHMRK WMSRWLIGVIEXIHEQSZMRKHMWWSPZIIRHMRKF]IZSOMRKXLIIQSXMSREPMQEKIW %GSRGPYWMSRXLEXKIRIVEXIW SJLIVKVERHJEXLIVtWEVVMZEPMRXLI9RMXIH7XEXIW IQSXMSREPETTIEPF]JEHMRK 3REVIGIRXXVMTXS)PPMW-WPERH[LIVIQ]KVERHJEXLIVJMVWXWXITTIHSR%QIVMGERWSMP- WE[ LMWREQIIXGLIH MRXS XLI [EPP EPSRK [MXL XLI REQIW SJ XIRW SJ XLSYWERHW SJ SXLIV MQQMKVERXW-WE[XLIIRXV]LEPP[LIVILIPMRIHYTXSTVSGIWWLMWJSVQW-WE[XLIVSSQ [LIVILIYRHIV[IRXETL]WMGEPI\EQMREXMSR-WIRWIHXLIJIEVERHXLIMRWIGYVMX]LIQYWX LEZIJIPX &YX -GSYPH EPWS WIRWILMW I\GMXIQIRXEWLIPSSOIHJSV[EVHXS PMJIMRE PERHSJ STTSVXYRMX]hEPERHLIGEQIXSXLMROSJEWLSQI
WXITF]WXITXSEHVEQEXMGJMREP WXEXIQIRX
&SXL XLI GVIWGIRHS ERH XLI HMWWSPZI IRHMRKW QYWX FI [SVOIH SYX [MXL KVIEXGEVI4VEGXMGIYRXMP]SYKIXXLI[SVHWERHXLIXMQMRKNYWXVMKLX8LIFIR IJMXW[MPPFI[IPP[SVXL]SYVXMQI
8LI'SRGPYWMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6)-2*36')8,)')286%0-()% 8LIWIGSRHQENSVJYRGXMSRSJEGSRGPYWMSRMWXSVIMRJSVGIXLIEYHMIRGItWYRHIV WXERHMRKSJSV GSQQMXQIRXXSXLIGIRXVEPMHIE8LIVIEVIQER] [E]WXSHS XLMW,IVIEVIXLISRIW]SYEVIQSWXPMOIP]XSYWI
7YQQEVM^I=SYV7TIIGL 6IWXEXMRKXLIQEMRTSMRXWMWXLIIEWMIWX[E]XSIRHEWTIIGL3RIWXYHIRXYWIH XLMWXIGLRMUYIIJJIGXMZIP]MRLMWTIVWYEWMZIWTIIGLEFSYXXLI%-(7ITMHIQMGMR %JVMGE
GSRRIGXPYGEWGSQ :MI[XLIGSRGPYWMSRSJq%-(7 MR%JVMGE%;SVPH'VMWMWrMR XLISRPMRI1IHME0MFVEV]JSV XLMWGLETXIV :MHIS'PMT
-RGSRGPYWMSR[ILEZIWIIRXLEXXLI%-(7ITMHIQMGMWLEZMRKEHIZEWXEXMRKIJJIGXSR %JVMGER WSGMIX] %R IRXMVI EHYPX KIRIVEXMSR MW WPS[P] FIMRK [MTIH SYX %R IRXMVIP] RI[ KIRIVEXMSR SJ%-(7 SVTLERW MWFIMRK GVIEXIH+SZIVRQIRXW MR XLIREXMSRWQSWXEJJPMGXIH LEZIRIMXLIVXLIVIWSYVGIWRSVXLII\TIVXMWIXSGSYRXIVXLIITMHIQMG1ER]%JVMGERIGSRS QMIWEVIFIMRKGVMTTPIHF]XLIPSWWSJTISTPIMRXLI[SVOTPEGI &IJSVIMXtWXSSPEXIXLI9RMXIH2EXMSRWERHHIZIPSTIHGSYRXVMIWRIIHXSMRGVIEWIXLIMV IJJSVXWXSLEPXXLIITMHIQMGERHFVMRKMXYRHIVGSRXVSP8LIPMZIWERH[IPPFIMRKSJXIRWSJ QMPPMSRWSJTISTPILERKMRXLIFEPERGI
8LI ZEPYI SJ E WYQQEV] MW XLEX MX I\TPMGMXP] VIWXEXIW XLI GIRXVEP MHIE ERH QEMRTSMRXWSRIPEWXXMQI&YXEW[IWLEPPWIIXLIVIEVIQSVIMQEKMREXMZIERH GSQTIPPMRK [E]W XS IRH E WTIIGL 8LI] GER FI YWIH MR GSQFMREXMSR [MXL E WYQQEV]SVEXXMQIWMRTPEGISJMX
)RH[MXLE5YSXEXMSR % UYSXEXMSR MW SRI SJ XLI QSWX GSQQSR ERH IJJIGXMZI HIZMGIW XS GSRGPYHI E WTIIGL,IVIMWEJMRII\EQTPIJVSQEWTIIGLSRXLIQMWYWISJXIPIZMWMSREHZIV XMWIQIRXWMRTSPMXMGEPGEQTEMKRW ;IGERRSXMKRSVIXLIIZMPWSJXIPIZMWMSRGSQQIVGMEPWMR[LMGLGERHMHEXIWJSVXLILMKL IWXSJJMGIWEVIWSPHXSXLIZSXIVWMRWIGSRHWTSXW8LIWIEHWGLIETIRXLIIPIGXMZITVSGIWW ERHHIKVEHISYVTSPMXMGEPMRWXMXYXMSRW-RXLI[SVHWSJLMWXSVMER%VXLYV7GLPIWMRKIV.Vq=SY GERRSXQIVGLERHMWIGERHMHEXIWPMOIWSETERHLSTIXSTVIWIVZIEVEXMSREPHIQSGVEG]r
8LI GPSWMRK UYSXEXMSR MW TEVXMGYPEVP] KSSH FIGEYWI MXW YVKIRG] MW I\EGXP] WYMXIHXSXLIWTIIGL;LIR]SYVYREGVSWWEFVMIJUYSXEXMSRXLEXWSTIVJIGXP] GETXYVIW]SYVGIRXVEPMHIEOIITMXMRQMRHEWETSWWMFPIGSRGPYWMSR
1EOIE(VEQEXMG7XEXIQIRX 6EXLIVXLERYWMRKEUYSXEXMSRXSKMZI]SYVGSRGPYWMSRJSVGIERHZMXEPMX]]SY QE] [ERX XS HIZMWI ]SYV S[R HVEQEXMG WXEXIQIRX 7SQI WTIIGLIW LEZI FIGSQIJEQSYWFIGEYWISJXLIMVTS[IVJYPGPSWMRKPMRIW3RIMW4EXVMGO,IRV]tW PIKIRHEV] q0MFIVX] SV (IEXLr SVEXMSR -X XEOIW MXW REQI JVSQ XLI JMREP WIR XIRGIW,IRV]YXXIVIHSR1EVGLEWLII\LSVXIHLMWEYHMIRGIXSVIWMWX &VMXMWLX]VERR] -WPMJIWSHIEVSVTIEGIWSW[IIXEWXSFITYVGLEWIHEXXLITVMGISJGLEMRWERHWPEZIV]# *SVFMHMX%PQMKLX]+SH-ORS[RSX[LEXGSYVWISXLIVWQE]XEOIFYXEWJSVQIKMZIQI PMFIVX]SVKMZIQIHIEXL
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%PXLSYKL ]SYV GPEWWVSSQ WTIIGLIW EVI RSX PMOIP] XS FIGSQI JEQSYW ]SY GERWXMPPVMZIX]SYVPMWXIRIVWhEW,IRV]HMHh[MXLEHVEQEXMGGSRGPYHMRKWXEXI QIRX;LEXJSPPS[WMWETEVXMGYPEVP]WXVMOMRKI\EQTPIJVSQEWTIIGLSRWYMGMHI TVIZIRXMSR8LVSYKLSYXXLIWTIIGLXLIWXYHIRXVIJIVVIHXSEJVMIRH[LSLEH XVMIHXSGSQQMXWYMGMHIXLITVIZMSYW]IEV8LIRMRXLIGSRGPYWMSRWLIWEMH 1]JVMIRHMWFEGOMRWGLSSPTEVXMGMTEXMRKMREGXMZMXMIWWLIRIZIVHMHFIJSVIhERHIRNS] MRKMX-tQLETT]ERHTVSYHXSWE]XLEXWLItWWXMPPJMKLXMRKJSVLIVPMJIERHIZIRLETTMIVXLEX WLIJEMPIHXSOMPPLIVWIPJ3XLIV[MWI-[SYPHRtXFILIVIXSHE]XV]MRKXSLIPT]SY=SYWII- EQQ]qJVMIRHrERH-tQQSVIXLERKPEHXSWE]-tZIQEHIMX
%W]SYGERMQEKMRIXLIEYHMIRGI[EWWXYRRIH8LIGPSWMRKPMRIWFVSYKLX XLIWTIIGLXSEHVEQEXMGGSRGPYWMSR8LIWTIEOIVQEHIMXIZIRQSVIIJJIGXMZI F]TEYWMRKNYWXEQSQIRXFIJSVIXLIPEWX[SVHWERHF]YWMRKLIVZSMGIXSKMZI XLIQNYWXXLIVMKLXMRJPIGXMSR
6IJIVXSXLI-RXVSHYGXMSR %R I\GIPPIRX [E] XS KMZI ]SYV WTIIGL TW]GLSPSKMGEP YRMX] MW XS GSRGPYHI F] VIJIVVMRKXSMHIEWMRXLIMRXVSHYGXMSR,IVIMWLS[SRIWXYHIRXYWIHXLIQIXLSH MRLIVWTIIGLEFSYXXLI7TIGMEP3P]QTMGW -RXVSHYGXMSR -R7IEXXPIRMRI]SYRKEXLPIXIWEWWIQFPIHEXXLIWXEVXMRKPMRIJSVXLI ]EVHHEWL%XXLIKYRXLI]EPPWXEVXIHSJJhRSXI\EGXP]MREHEWLFYX[MXL EHIWMVIXSVYRXLIVEGIXSXLIJMRMWLERH[MR%PPI\GITXSRIPMXXPIFS][LS WXYQFPIHSRXLIEWTLEPXXYQFPIHSZIVEGSYTPISJXMQIWERHFIKERXS GV]8LISXLIVVYRRIVWLIEVHXLIFS]GV]8LI]WXSTTIHXLI]PSSOIHFEGO 8LIRXLI]EPP[IRXFEGOXSXLIFS]tWWMHIhIZIV]WMRKPISRISJXLIQ3RI KMVP[MXL(S[RW]RHVSQIOMWWIHLMQERHWEMHq8LMW[MPPQEOIMXFIXXIVr 8LIREPPRMRIPMROIHEVQWERH[EPOIHXSXLIJMRMWLPMRIhXSKIXLIV 8LIWIEXLPIXIW[IVIRSXGSQTIXMRKSRREXMSREPXIPIZMWMSRXLI][IVI RSXWTSRWSVIHSVMHSPM^IH&YXXLI][IVIKMZIRERSTTSVXYRMX]XSJPSYVMWL YRHIVXLIKPS[SJXLIMVS[RWTSXPMKLXWXSJIIPXLIFVYWLSJXLIVMFFSR GVSWWXLIMVGLIWXWEWXLI]VERXLVSYKLXLIMVS[RJMRMWLPMRIMRXLIMVS[R 3P]QTMGWhXLI7TIGMEP3P]QTMGW
-RXLIFSH]SJLIVWTIIGLXLIWXYHIRXI\TPEMRIHXLI7TIGMEP3P]QTMGWERH GEPPIHSRQIQFIVWSJXLIEYHMIRGIXSFIGSQIZSPYRXIIVW8LIRMRLIVGPSWMRK [SVHWWLIXMIHXLI[LSPIWTIIGLXSKIXLIVF]VIXYVRMRKXSXLIWXSV]HIWGVMFIH MRLIVMRXVSHYGXMSR 'SRGPYWMSR 6IQIQFIVXLIRMRIGLMPHVIR-QIRXMSRIHEXXLIFIKMRRMRKSJXLMWWTIIGL 8LMROSJXLIMVLETTMRIWWERHXLIMVWYTTSVXJSVSRIERSXLIV8LMROSJLS[ QYGLXLI]KEMRIHJVSQVYRRMRKMRXLEXVEGI%RHXLMROLS[]SYGERLIPT SXLIVWI\TIVMIRGIXLIWEQIFIRIJMXWEWXLI]WXVMZIXSJYPJMPPXLIQSXXSSJXLI 7TIGMEP3P]QTMGWq0IXQI[MR&YXMJ-GERtX[MRPIXQIFIFVEZIMRXLI EXXIQTXr
GSRRIGXPYGEWGSQ :MI[XLIFIKMRRMRKERH IRHMRKSJq1EOMRKE(MJJIV IRGI8LVSYKLXLI7TIGMEP 3P]QTMGWrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7YQQEVM^MRK XLI WTIIGL IRHMRK [MXL E UYSXEXMSR QEOMRK E HVEQEXMG WXEXIQIRX VIJIVVMRK XS XLI MRXVSHYGXMSRhEPP XLIWI XIGLRMUYIW GER FI YWIH WITEVEXIP]&YX]SYLEZITVSFEFP]RSXMGIHXLEXWTIEOIVWSJXIRGSQFMRIX[SSV QSVI MR XLIMV GSRGPYWMSRW %GXYEPP] EPP JSYV XIGLRMUYIW GER FI JYWIH MRXS SRIhJSVI\EQTPIEHVEQEXMGUYSXEXMSRXLEXWYQQEVM^IWXLIGIRXVEPMHIE[LMPI VIJIVVMRKXSXLIMRXVSHYGXMSR
8LI'SRGPYWMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
'LIGOPMWX =)7
8LI1G+VE[n,MPP 'SQTERMIW
7TIIGL'SRGPYWMSR
23
(S-WMKREPXLEXQ]WTIIGLMWGSQMRKXSERIRH# (S-VIMRJSVGIQ]GIRXVEPMHIEF] GLIGOEPPXLEXETTP]
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7TIIGL8SSPWJSV XLMWGLETXIV
7YQQEVM^MRKXLIQEMRTSMRXWSJQ]WTIIGL
)RHMRK[MXLEUYSXEXMSR
1EOMRKEHVEQEXMGWXEXIQIRX
6IJIVVMRKXSXLIMRXVSHYGXMSR
-W XLI GSRGPYWMSR PMQMXIH XS i TIVGIRX SJ Q] IRXMVI WTIIGL# ,EZI - [SVOIH SYX XLI PERKYEKI SJ Q] GSRGPYWMSR MR HIXEMP# ,EZI - TVEGXMGIH XLI HIPMZIV] SJ Q] GSRGPYWMSR WS - GER TVIWIRX MX JPYIRXP] GSRJMHIRXP] ERH [MXL WXVSRK I]I GSRXEGX#
3RI SXLIV GSRGPYHMRK XIGLRMUYI MW QEOMRK E HMVIGX ETTIEP XS ]SYV EYHM IRGIJSVEGXMSR8LMWXIGLRMUYIETTPMIWSRP]XSETEVXMGYPEVX]TISJTIVWYEWMZI WTIIGLLS[IZIVERH[MPPFIHMWGYWWIHMR'LETXIV8LIJSYVQIXLSHWGSZ IVIHMRXLMWGLETXIVEVIETTVSTVMEXIJSVEPPOMRHWSJWTIIGLIWERHSGGEWMSRW
7%140)'32'097-32;-8,'311)28%6= ,S[ HS ]SY JMX XLIWI QIXLSHW XSKIXLIV XS QEOI E GSRGPYWMSR# ,IVI MW ER I\EQTPIJVSQXLIWTIIGLEFSYXFSRIQEVVS[XVERWTPERXW[LSWIMRXVSHYGXMSR [IPSSOIHEXIEVPMIV TEKI
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ*EGX
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8I\X
8LI1G+VE[n,MPP 'SQTERMIW
TIVWSREP XEWXI )ZIR MJ FMG]GPI VMHMRK [IVI XLI QSWX YRTPIEWERX EGXMZMX] IZIV MRZIRXIHMXGSYPHWXMPPFISRISJ]SYVJEZSVMXIW 3R XLI SXLIV LERH MJ ]SY WE] q&MG]GPI VMHMRK MW XLI MHIEP JSVQ SJ PERH XVERWTSVXEXMSRr]SYEVIQEOMRKEWXEXIQIRXEFSYXEUYIWXMSRSJZEPYI;LIXLIV FMG]GPMRKMWXLIMHIEPJSVQSJPERHXVERWTSVXEXMSRHSIWRSXHITIRHSR]SYVS[R PMOIW ERHHMWPMOIW 8SHIJIRHXLIWXEXIQIRX]SYGERRSXWE]q&MG]GPIVMHMRKMW XLIMHIEPJSVQSJPERHXVERWTSVXEXMSRFIGEYWI-PMOIMXr -RWXIEH ]SY QYWX NYWXMJ] ]SYV GPEMQ 8LI JMVWX WXIT MW XS HIJMRI [LEX ]SY QIERF]ERqMHIEPJSVQSJPERHXVERWTSVXEXMSRr(S]SYQIEREQSHISJXVERW TSVXEXMSR XLEX KIXW TISTPI [LIVI XLI] [ERX XS KS EW JEWX EW TSWWMFPI# 8LEX MW VIPEXMZIP] MRI\TIRWMZI# 8LEXMWJYR#2SRTSPPYXMRK#&IRIJMGMEPJSVXLIYWIV#-R SXLIV[SVHW]SYQYWXIWXEFPMWL]SYVWXERHEVHWJSVERqMHIEPJSVQSJPERHXVERW TSVXEXMSRr8LIR]SYGERWLS[LS[FMG]GPIVMHMRKQIEWYVIWYTEKEMRWXXLSWI WXERHEVHW ;LIRIZIV]SYKMZIEWTIIGLSREUYIWXMSRSJZEPYIFIWYVIXSKMZIWTIGMEP XLSYKLXXSXLIWXERHEVHWJSV]SYVZEPYINYHKQIRX
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
'IRXVEP-HIE
&MG]GPIVMHMRKMWXLIMHIEPJSVQSJPERHXVERWTSVXEXMSR FIGEYWIMXMWJEWXIVXLER[EPOMRKSVVYRRMRKHSIWRSX I\TPSMXERMQEPWSVTISTPIMWRSRTSPPYXMRKERH TVSQSXIWXLILIEPXLSJXLIVMHIV
1EMR4SMRXW
- % RMHIEPJSVQSJPERHXVERWTSVXEXMSRWLSYPHQIIXJSYV QENSVWXERHEVHW % -XWLSYPHFIJEWXIVXLERVYRRMRKSV[EPOMRK & -XWLSYPHRSXI\TPSMXERMQEPWSVTISTPI ' -XWLSYPHFIRSRTSPPYXMRK ( - XWLSYPHFIFIRIJMGMEPJSVXLITIVWSR[LSYWIWMX -- & MG]GPIVMHMRKQIIXWEPPXLIWIWXERHEVHWJSVERMHIEPJSVQ SJPERHXVERWTSVXEXMSR % &MG]GPIVMHMRKMWJEWXIVXLER[EPOMRKSVVYRRMRK & &MG]GPIVMHMRKHSIWRSXI\TPSMXXLIPEFSVSJERMQEPWSV SJSXLIVTISTPI ' &MG]GPIVMHMRKMWRSXEWSYVGISJEMVPERH[EXIVSV RSMWITSPPYXMSR ( & MG]GPIVMHMRKMWI\XVIQIP]FIRIJMGMEPJSVXLILIEPXLSJ XLIVMHIV
',%48)6 74)%/-2+834)679%()
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LIR]SYWTIEOSREUYIWXMSRSJZEPYI]SYQYWXQEOIWYVIXSNYWXMJ]]SYV NYHKQIRXEKEMRWXWSQIMHIRXMJMEFPIWXERHEVHW-RXLIJSPPS[MRKI\EQTPIRSXMGI LS[ XLI WTIEOIV HIZSXIW LIV JMVWX QEMR TSMRX XS NYHKMRK GETMXEP TYRMWLQIRX EKEMRWXQSVEPWXERHEVHWERHLIVWIGSRHQEMRTSMRXXSNYHKMRKMXEKEMRWXPIKEP WXERHEVHW 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXGETMXEPTYRMWLQIRXMWQSVEPP] ERHPIKEPP][VSRK 'IRXVEP-HIE
'ETMXEPTYRMWLQIRXZMSPEXIWFSXLXLI&MFPIERHXLI97 'SRWXMXYXMSR
1EMR4SMRXW
- ' ETMXEPTYRMWLQIRXZMSPEXIWXLIFMFPMGEPGSQQERHQIRX q8LSYWLEPXRSXOMPPr -- ' ETMXEPTYRMWLQIRXZMSPEXIWXLIGSRWXMXYXMSREPFERSR qGVYIPERHYRYWYEPTYRMWLQIRXr
%W]SYGERWIIWTIIGLIWSRUYIWXMSRWSJZEPYIQE]LEZIWXVSRKMQTPMGE XMSRW JSV SYV EGXMSRW % TIVWSR [LS MW TIVWYEHIH XLEX GETMXEP TYRMWLQIRX MW QSVEPP]ERHPIKEPP][VSRKMWQSVIPMOIP]XSWYTTSVXPIKMWPEXMSREFSPMWLMRKXLI HIEXLTIREPX]&YXWTIIGLIWSRUYIWXMSRWSJZEPYIHSRSXEVKYIHMVIGXP]JSVSV EKEMRWX TEVXMGYPEV GSYVWIW SJ EGXMSR 3RGI ]SY KS FI]SRH EVKYMRK VMKLX SV [VSRKXSEVKYMRKXLEXWSQIXLMRKWLSYPHSVWLSYPHRSXFIHSRI]SYQSZIJVSQ EUYIWXMSRSJZEPYIXSEUYIWXMSRSJTSPMG]
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
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qWLSYPHr EWMRXLIWII\EQTPIW
UYIWXMSRSJTSPMG] %UYIWXMSREFSYX[LIXLIVE WTIGMJMGGSYVWISJEGXMSRWLSYPH SVWLSYPHRSXFIXEOIR
;LEXQIEWYVIWWLSYPHFIXEOIRXSTVSXIGXXLI9RMXIH7XEXIWEKEMRWXXIVVSVMWXEXXEGOW# 7LSYPHXLIIPIGXSVEPGSPPIKIFIEFSPMWLIH# ;LEXWXITWWLSYPHFIXEOIRXSIRWYVIXLEXEPPTISTPIMRXLI9RMXIH7XEXIWVIGIMZI EHIUYEXILIEPXLGEVI#
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8 =4)73*74))',)73259)78-3273*430-'= ;LIR]SYWTIEOSREUYIWXMSRSJTSPMG]]SYVKSEPQE]FIIMXLIVXSKEMRTEWWMZI EKVIIQIRXSVXSQSXMZEXIMQQIHMEXIEGXMSRJVSQ]SYVPMWXIRIVW(IGMHMRK[LMGL KSEP]SY[ERXXSEGLMIZI[MPPEJJIGXEPQSWXIZIV]EWTIGXSJ]SYVWTIIGL
7TIIGLIWXS+EMR4EWWMZI%KVIIQIRX WTIIGLXSKEMRTEWWMZI EKVIIQIRX %TIVWYEWMZIWTIIGLMR[LMGL XLIWTIEOIVtWKSEPMWXSGSRZMRGI XLIEYHMIRGIXLEXEKMZIR TSPMG]MWHIWMVEFPI[MXLSYX IRGSYVEKMRKXLIEYHMIRGI XSXEOIEGXMSRMRWYTTSVXSJ XLITSPMG]
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tWIRIVK]RIIHW
-RIEGLGEWIXLIWTIEOIVtWEMQMWXSGSRZMRGIPMWXIRIVWXLEXXLIWTIEOIVtWTSPMG] MW RIGIWWEV] ERH TVEGXMGEP 8LI WTIEOIV MW RSX XV]MRK XS KIX PMWXIRIVW XS XEOI EGXMSRMRWYTTSVXSJXLITSPMG]
7TIIGLIWXS+EMR-QQIHMEXI%GXMSR WTIIGLXSKEMR MQQIHMEXIEGXMSR %TIVWYEWMZIWTIIGLMR[LMGL XLIWTIEOIVtWKSEPMWXSGSRZMRGI XLIEYHMIRGIXSXEOIEGXMSRMR WYTTSVXSJEKMZIRTSPMG]
;LIR]SYVKSEPMWMQQIHMEXIEGXMSR]SY[ERXXSHSQSVIXLERKIX]SYVPMW XIRIVWXSRSHXLIMVLIEHWMREKVIIQIRX=SY[ERXXSQSXMZEXIXLIQXSEGXMSRh XS WMKR E TIXMXMSR JSV EFSPMWLMRK XLI IPIGXSVEP GSPPIKI XS GEQTEMKR JSV PS[IV XYMXMSRXSTYVGLEWISVKERMGJSSHWXSGSRXVMFYXIXSEJYRHHVMZIERHWSJSVXL ,IVIEVIWSQII\EQTPIWSJWTIGMJMGTYVTSWIWXEXIQIRXWJSVTSPMG]WTIIGLIW XLEXWIIOMQQIHMEXIEGXMSR 8STIVWYEHIQ]EYHMIRGIXSKMZIFPSSHXLVSYKLXLI6IH'VSWW 8STIVWYEHIQ]EYHMIRGIXSZSXIMRXLIRI\XWXYHIRXIPIGXMSR 8STIVWYEHIQ]EYHMIRGIXSFIGSQIPMXIVEG]XYXSVW
7SQI I\TIVXW WE] ]SY WLSYPH WIIO EGXMSR JVSQ ]SYV EYHMIRGI [LIRIZIV TSWWMFPI%PXLSYKLMXMWQYGLIEWMIVXSIZSOITEWWMZIEKVIIQIRXXLERXSIPMGMX EGXMSRXLIPMWXIRIVMWRSXQEOMRKQYGLSJEGSQQMXQIRXF]XLMROMRKq7YVI -EKVII[MXL]SYr;MXLMREHE]SVX[SXLEXWEQIPMWXIRIVQE]JSVKIXIRXMVIP] EFSYX]SYVWTIIGLhERHEFSYXLIVSVLMWEKVIIQIRX[MXLMX %GXMSRLS[IZIVVIMRJSVGIWFIPMIJ%KVIEXHIEPSJVIWIEVGLWLS[WXLEXMJ]SY GERTIVWYEHIEPMWXIRIVXSXEOIWSQIOMRHSJEGXMSRhIZIRMJMXMWRSQSVIXLER WMKRMRKETIXMXMSRTYXXMRKEFYQTIVWXMGOIVSREGEVSVEXXIRHMRKEQIIXMRKh ]SYLEZIKEMRIHEQSVIWIVMSYWGSQQMXQIRX3RGIEPMWXIRIVEGXWSRFILEPJSJ EWTIEOIVtWTSWMXMSRWLISVLIMWQSVIPMOIP]XSVIQEMRGSQQMXXIHXSMX
',%48)6 74)%/-2+834)679%()
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4IVWYEWMZIWTIIGLIWSR UYIWXMSRWSJTSPMG]EVIKMZIR [LIRIZIVTISTPIHIFEXI WTIGMJMGGSYVWIWSJEGXMSR 7YGLWTIIGLIWGERWIIO IMXLIVTEWWMZIEKVIIQIRXSV MQQIHMEXIEGXMSR
;LIR ]SY GEPP JSV EGXMSR MR E TIVWYEWMZI WTIIGL ]SY WLSYPH QEOI ]SYV VIGSQQIRHEXMSRWEWWTIGMJMGEWTSWWMFPI(SRtXNYWXYVKIPMWXIRIVWXSqHSWSQI XLMRKr8IPPXLIQI\EGXP][LEXXSHSERHLS[XSHSMX*SVERI\GIPPIRXI\EQ TPIPSSOEX:MHIS'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMWGLETXIV8LI WTIEOIVt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
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ q1EOMRKE(MJJIVIRGI 8LVSYKLXLI7TIGMEP 3P]QTMGWrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
%2%0=>-2+59)78-3273*430-'= 6IKEVHPIWWSJ[LIXLIV]SYVEMQMWXSIPMGMXTEWWMZIEKVIIQIRXSVXSKEMRMQQI HMEXIEGXMSR]SY[MPPJEGIXLVIIFEWMGMWWYIW[LIRIZIV]SYHMWGYWWEUYIWXMSR SJTSPMG]hRIIHTPERERHTVEGXMGEPMX]
2IIH 8LIVIMWRSTSMRXMREVKYMRKJSVETSPMG]YRPIWW]SYGERWLS[ERIIHJSVMX -WXLIVIERIIHJSVQSVIWXYHIRXTEVOMRKSRGEQTYW# -WXLIVIERIIHJSVXLIWGLSSPHMWXVMGXXSMRWXMXYXIWEQIWI\GPEWWVSSQW#
RIIH 8LIJMVWXFEWMGMWWYIMREREP]^MRK EUYIWXMSRSJTSPMG]-WXLIVIE WIVMSYWTVSFPIQSVRIIHXLEX VIUYMVIWEGLERKIJVSQGYVVIRX TSPMG]#
-WXLIVIERIIHJSVEREXMSREP-(GEVHMRXLI9RMXIH7XEXIW#
=SYVJMVWXWXITMWXSGSRZMRGIPMWXIRIVWXLEXXLIVIMWEWIVMSYWTVSFPIQ[MXL XLMRKWEWXLI]EVI4ISTPIEVIRSXMRGPMRIHXSEHSTXERI[TSPMG]YRPIWWXLI] EVIGSRZMRGIHXLISPHSRIMWRSX[SVOMRK8LMWMW[L]XLIFYVHIRSJTVSSJEP[E]W VIWXW[MXLXLIWTIEOIV[LSEHZSGEXIWGLERKI 3JGSYVWI]SYQE]FIHIJIRHMRK
FYVHIRSJTVSSJ 8LISFPMKEXMSRJEGMRKE TIVWYEWMZIWTIEOIVXSTVSZI XLEXEGLERKIJVSQGYVVIRX TSPMG]MWRIGIWWEV]
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
TVIWIRXTSPMG]MR[LMGLGEWI]SY[MPPEVKYIXLEXXLIVIMWRSRIIHXSGLERKIh XLEXXLMRKWEVIEPVIEH][SVOMRKEW[IPPEWGERFII\TIGXIH
4PER TPER 8LIWIGSRHFEWMGMWWYIMR EREP]^MRKEUYIWXMSRSJTSPMG] -JXLIVIMWETVSFPIQ[MXLGYVVIRX TSPMG]HSIWXLIWTIEOIVLEZIE TPERXSWSPZIXLITVSFPIQ#
8LIWIGSRHFEWMGMWWYISJTSPMG]WTIIGLIWMWTPER3RGI]SYLEZIWLS[RXLEXE TVSFPIQI\MWXW]SYQYWXI\TPEMR]SYVTPERJSVWSPZMRKMX ;LEXGER[IHSXSKIXQSVIWXYHIRXTEVOMRKSRGEQTYW# ;LEXXSTMGWWLSYPHFIXEYKLXMRWEQIWI\GPEWWVSSQW#%VIWEQIWI\GPEWWVSSQW ETTVSTVMEXIJSVEPPKVEHIPIZIPW# ;LEXMRJSVQEXMSRWLSYPHFIMRGPYHIHSREREXMSREP-(GEVH#;LS[MPPFIVIWTSRWMFPIJSV GSPPIGXMRKXLIMRJSVQEXMSRERHGVIEXMRKXLIGEVHW#
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq8LI ,SVVSVWSJ4YTT]1MPPWrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
%RW[IVMRK WYGL UYIWXMSRW MW IWTIGMEPP] MQTSVXERX MJ ]SY GEPP JSV E RI[ TSPMG]-XtWIEW]XSGSQTPEMREFSYXTVSFPIQWXLIVIEPGLEPPIRKIMWHIZIPSTMRK WSPYXMSRW -RQSWXGPEWWVSSQWTIIGLIW]SY[MPPRSXLEZIXMQIXSHIWGVMFI]SYVTPER MRHIXEMPFYX]SYWLSYPHEXPIEWXMHIRXMJ]MXWQENSVJIEXYVIW0SSOJSVI\EQTPI EXXLITPERWIGXMSRMRXLIWTIIGLSRTYTT]QMPPWMRXLISRPMRI1IHME0MFVEV] JSVXLMWGLETXIV*MVWXXLIWTIEOIVTVSTSWIWPIKEPQIEWYVIWXSTYRMWLHSKFVIIH IVWXLEXHSRSXXEOITVSTIVGEVISJXLIMVERMQEPW7IGSRHLITVIWIRXWJSYVWXITW XLEXMRHMZMHYEPPMWXIRIVWGERXEOI[LIRFY]MRKEHSKXSQEOIWYVIXLI]EVIRSX WYTTSVXMRKTYTT]QMPPW8LIWTIIGL[SYPHLEZIFIIRQYGLPIWWTIVWYEWMZIMJ XLIWTIEOIVLEHRSXWTIPPIHSYXXLIQENSVJIEXYVIWSJLMWTPER
4VEGXMGEPMX] TVEGXMGEPMX] 8LIXLMVHFEWMGMWWYIMREREP]^MRK EUYIWXMSRSJTSPMG];MPPXLI WTIEOIVtWTPERWSPZIXLITVSFPIQ# ;MPPMXGVIEXIRI[ERHQSVI WIVMSYWTVSFPIQW#
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
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq4EMH 4EVIRXEP0IEZI+SSHJSV *EQMPMIW+SSHJSV&YWMRIWWr MRXLISRPMRI1IHME0MFVEV] JSVXLMWGLETXIV :MHIS 'PMT
8LIWI EVI WMKRMJMGERX GSRGIVRW ;LIRIZIV ]SY EHZSGEXI E RI[ TSPMG] ]SYQYWXFITVITEVIHXSWLS[XLEXMXMW[SVOEFPI2SQEXXIVLS[WIVMSYWE TVSFPIQQE]FIPMWXIRIVWYWYEPP][ERXWSQIEWWYVERGIXLEXEWTIEOIVtWTPER [MPP EGXYEPP] WSPZI XLI TVSFPIQ 3RI [E] XS TVSZMHI XLMW EWWYVERGI MW XS WLS[ XLEX E TPER WMQMPEV XS ]SYVW LEW FIIR WYGGIWWJYPP] MQTPIQIRXIH IPWI [LIVI *SV I\EQTPI :MHIS 'PMT MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW GLETXIV WLS[W ER I\GIVTX JVSQ E WXYHIRX WTIIGL GEPPMRK JSV TEMH TEVIRXEP PIEZI MR XLI WTIEOIVtW WXEXI %W ]SY ZMI[ XLI GPMT RSXMGI LS[ XLI WTIEOIV TSMRXW XSXLIWYGGIWWSJEWMQMPEVTPERMR'EPMJSVRMEEWIZMHIRGIXLEXMX[MPP [SVOMRLIVWXEXI
',%48)6 74)%/-2+834)679%()
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-J]SYSTTSWIEWLMJXMRTSPMG]SRISJ]SYVQENSVEVKYQIRXW[MPPFIXLEXXLI GLERKIMWMQTVEGXMGEPh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hXSWLS[MRKXLEXMRGSYRXVMIW [LMGL LEZI HVEWXMGEPP] VEMWIH XLIMV GMKEVIXXI XE\IW XLI WQSOMRK VEXI EQSRK XIIREKIVWLEWHVSTTIHF]EWQYGLEWTIVGIRX
36+%2->-2+74))',)73259)78-3273*430-'= )JJIGXMZISVKERM^EXMSRMWGVYGMEP[LIR]SYWIIOXSTIVWYEHIPMWXIRIVWSREUYIWXMSR SJTSPMG]%PXLSYKLER]SJXLIFEWMGTEXXIVRWSJSVKERM^EXMSRI\TPEMRIHMR'LET XIVGERFIYWIHJSYVWTIGMEPTEXXIVRWEVIIWTIGMEPP]ZEPYEFPIJSVTSPMG]WTIIGLIW 8LI] EVI TVSFPIQWSPYXMSR SVHIV TVSFPIQGEYWIWSPYXMSR SVHIV GSQTEVEXMZI EHZERXEKIWSVHIVERH1SRVSItWQSXMZEXIHWIUYIRGI
4VSFPIQ7SPYXMSR3VHIV -J]SYEHZSGEXIEGLERKIMRTSPMG]]SYVQEMRTSMRXWSJXIR[MPPJEPPREXYVEPP] MRXSTVSFPIQWSPYXMSRSVHIV-RXLIJMVWXQEMRTSMRX]SYHIQSRWXVEXIXLIRIIH JSVERI[TSPMG]F]WLS[MRKXLII\XIRXERHWIVMSYWRIWWSJXLITVSFPIQ-RXLI WIGSRHQEMRTSMRX]SYI\TPEMR]SYVTPERJSVWSPZMRKXLITVSFPIQERHWLS[MXW TVEGXMGEPMX]JSVI\EQTPI 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIYWISJERXMFEGXIVMEP GLIQMGEPWMRLSYWILSPHTVSHYGXWMWGVIEXMRKLIEPXLERH IRZMVSRQIRXEPTVSFPIQW 'IRXVEP-HIE
1EMR4SMRXW
TVSFPIQWSPYXMSRSVHIV %QIXLSHSJSVKERM^MRK TIVWYEWMZIWTIIGLIWMR[LMGL XLIJMVWXQEMRTSMRXHIEPW[MXL XLII\MWXIRGISJETVSFPIQERH XLIWIGSRHQEMRTSMRXTVIWIRXW EWSPYXMSRXSXLITVSFPIQ
8LIYWISJERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXWMW EWIVMSYWTVSFPIQXLEXVIUYMVIWEGXMSRF]KSZIVRQIRXERH GSRWYQIVWEPMOI - 8 LIYWISJERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXW MWEWIVMSYWTVSFPIQ % 6EXLIVXLERQEOMRKYWQSVILIEPXL]ERXMFEGXIVMEP GLIQMGEPWMRLSYWILSPHTVSHYGXWEVIGSRXVMFYXMRKXS PSRKXIVQLIEPXLTVSFPIQW 4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQ q&YVWXMRKXLI%RXMFEGXIVMEP &YFFPIrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
& 8 LIERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXWEVI EPWSGVIEXMRKIRZMVSRQIRXEPTVSFPIQWFIGEYWIXLI] IZIRXYEPP]IRHYTMRXLI97[EXIVWYTTP] -- 7 SPZMRKXLIWITVSFPIQWVIUYMVIWEGSQFMREXMSRSJ KSZIVRQIRXERHGSRWYQIVEGXMSR % 8LI*SSHERH(VYK%HQMRMWXVEXMSRWLSYPHMRWXMXYXI VIKYPEXMSRWGSRXVSPPMRKXLIYWISJERXMFEGXIVMEP GLIQMGEPWMRLSYWILSPHTVSHYGXW & ' SRWYQIVWWLSYPHEZSMHTYVGLEWMRKLSYWILSPH TVSHYGXWXLEXGSRXEMRERXMFEGXIVMEPGLIQMGEPW
=SYGERYWIXLITVSFPIQWSPYXMSRJSVQEXNYWXEWIEWMP]XSSVKERM^IEWTIIGL STTSWMRKEGLERKIMRTSPMG]-RWYGLEWTIIGL]SYVNSFMWXSHIJIRHXLIGYVVIRX W]WXIQERHXSEXXEGO]SYVSTTSRIRXWtTVSTSWIHTSPMG]8LYWMRXLIJMVWXQEMRTSMRX ]SYQMKLXEVKYIXLEXXLIVIMWRSXERIIHJSVGLERKI-RXLIWIGSRHQEMRTSMRX]SY QMKLXWLS[XLEXIZIRMJXLIVI[IVIEWIVMSYWTVSFPIQXLIWYKKIWXIHRI[TSPMG] [SYPHRSXWSPZIMXERH[SYPHGVIEXIWIVMSYWTVSFPIQWSJMXWS[R*SVI\EQTPI 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIGMX]GSYRGMPWLSYPHRSX TEWWPIKMWPEXMSRQIVKMRKXLITSPMGIERHJMVIHITEVXQIRXW 'IRXVEP-HIE
1IVKMRKXLITSPMGIERHJMVIHITEVXQIRXWMWRIMXLIVRIGIWWEV] RSVTVEGXMGEP
1EMR4SMRXW
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
4VSFPIQ'EYWI7SPYXMSR3VHIV TVSFPIQGEYWI WSPYXMSRSVHIV %QIXLSHSJSVKERM^MRKTIVWYEWMZI WTIIGLIWMR[LMGLXLIJMVWXQEMR TSMRXMHIRXMJMIWETVSFPIQXLI WIGSRHQEMRTSMRXEREP]^IWXLI GEYWIWSJXLITVSFPIQERHXLI XLMVHQEMRTSMRXTVIWIRXWE WSPYXMSRXSXLITVSFPIQ
*SVEZEVMEXMSRSRTVSFPIQWSPYXMSRSVHIV]SYQMKLXEVVERKI]SYVWTIIGLMR TVSFPIQGEYWIWSPYXMSRSVHIV8LMWTVSHYGIWEWTIIGL[MXLXLVIIQEMRTSMRXWh XLIJMVWXMHIRXMJ]MRKETVSFPIQXLIWIGSRHEREP]^MRKXLIGEYWIWSJXLITVSFPIQ ERHXLIXLMVHTVIWIRXMRKEWSPYXMSRXSXLITVSFPIQ*SVI\EQTPI 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIEKIJSVJYPPQSXSVZILMGPI HVMZMRKTVMZMPIKIWWLSYPHFIVEMWIHXS 'IRXVEP-HIE
8LIRYQFIVSJEGGMHIRXWERHHIEXLWMRZSPZMRKXIIREKI HVMZIVWMWEWIVMSYWTVSFPIQXLEXGERFIGSRXVSPPIHF]VEMWMRK XLIEKIJSVJYPPHVMZMRKTVMZMPIKIWXS
1EMR4SMRXW
- 8 LIRYQFIVSJEGGMHIRXWERHHIEXLWMRZSPZMRKXIIREKI HVMZIVWMWEWIVMSYWREXMSREPTVSFPIQ
',%48)6 74)%/-2+834)679%()
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6IKEVHPIWWSJLS[]SY SVKERM^I]SYVTIVWYEWMZI WTIIGL]SY[MPPRIIHWXVSRK WYTTSVXMRKQEXIVMEPW8LI FIXXIV]SYVVIWIEVGLXLI QSVIGSRZMRGMRK]SYV EVKYQIRXWEVIPMOIP]XSFI
% )EGL]IEVQSVIXLERTISTPIEVIOMPPIHMR EGGMHIRXWMRZSPZMRKXIIREKIHVMZIVW & 8LIVMWOWSJFIMRKMRZSPZIHMREJEXEPEGGMHIRXEVI LMKLIWXJSVERH]IEVSPHHVMZIVW -- 8LIVIEVIJSYVQEMRGEYWIWSJXLITVSFPIQ % =SYRKIVHVMZIVWLEZIRt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
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQ q4YXXMRKXLI&VEOIWSR 8IIREKI(VMZMRKrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7SQI XIEGLIVW TVIJIV XLMW QIXLSH SJ SVKERM^EXMSR FIGEYWI MX VIUYMVIW E WTIEOIVXS MHIRXMJ] XLIGEYWIWSJ XLITVSFPIQ 8LMWMRXYVRQEOIW MXIEWMIVXS GLIGO[LIXLIVXLITVSTSWIHWSPYXMSR[MPPKIXEXXLIGEYWIWSJXLITVSFPIQ
'SQTEVEXMZI%HZERXEKIW3VHIV ;LIR]SYVEYHMIRGIEPVIEH]EKVIIWXLEXETVSFPIQI\MWXW]SYGERHIZSXI]SYV WTIIGLXSGSQTEVMRKXLIEHZERXEKIWERHHMWEHZERXEKIWSJGSQTIXMRKWSPYXMSRW -R WYGL E WMXYEXMSR ]SY QMKLX TYX ]SYV WTIIGL MR GSQTEVEXMZI EHZERXEKIW SVHIVHIZSXMRKIEGLQEMRTSMRXXSI\TPEMRMRK[L]]SYVWSPYXMSRMWTVIJIVEFPI XSSXLIVTVSTSWIHWSPYXMSRW
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
GSQTEVEXMZI EHZERXEKIWSVHIV %QIXLSHSJSVKERM^MRK TIVWYEWMZIWTIIGLIWMR[LMGL IEGLQEMRTSMRXI\TPEMRW[L]E WTIEOIVtWWSPYXMSRXSETVSFPIQ MWTVIJIVEFPIXSSXLIVTVSTSWIH WSPYXMSRW
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7YTTSWI]SY[ERXXSGSRZMRGI]SYVEYHMIRGIXLEXEYXSQEOIVWWLSYPHTYX KVIEXIVIQTLEWMWSRHIZIPSTMRKL]HVSKIRJYIPGIPPGEVWXLERKEWIPIGXVMGL]FVMH GEVW9WMRKGSQTEVEXMZIEHZERXEKIWSVHIV]SY[SYPHGSQTEVIL]HVSKIRGEVW [MXLKEWIPIGXVMGL]FVMHGEVWERHWLS[[L]XLIJSVQIVEVIEFIXXIVGLSMGI=SYV WTIGMJMGTYVTSWIGIRXVEPMHIEERHQEMRTSMRXWQMKLXPSSOPMOIXLMW 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEYXSQEOIVWWLSYPHTYX KVIEXIVIQTLEWMWSRHIZIPSTMRKL]HVSKIRJYIPGIPPGEVWXLER KEWIPIGXVMGGEVW 'IRXVEP-HIE
9RPMOIKEWIPIGXVMGGEVWL]HVSKIRGEVWVYRIRXMVIP][MXLSYX KEWSPMRIERHHSRSXIQMXEMVTSPPYXMRKI\LEYWX
1EMR4SMRXW
- 9 RPMOIL]FVMHGEVWL]HVSKIRGEVWVYRIRXMVIP][MXLSYX KEWSPMRI -- 9 RPMOIL]FVMHGEVWL]HVSKIRGEVWHSRSXIQMXER]EMV TSPPYXMRKI\LEYWX
1SRVSItW1SXMZEXIH7IUYIRGI 1SRVSItWQSXMZEXIH WIUYIRGI %QIXLSHSJSVKERM^MRK TIVWYEWMZIWTIIGLIWXLEXWIIO MQQIHMEXIEGXMSR8LIJMZI WXITWSJXLIQSXMZEXIHWIUYIRGI EVIEXXIRXMSRRIIHWEXMWJEGXMSR ZMWYEPM^EXMSRERHEGXMSR
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hERH LS[ XS HS MX 8LIR GSRGPYHI [MXL E JMREP WXMVVMRK ETTIEP XLEX VIMRJSVGIW XLIMVGSQQMXQIRXXSEGX 1ER]WXYHIRXWTVIJIVXLIQSXMZEXIHWIUYIRGIFIGEYWIMXMWQSVIHIXEMPIH XLER TVSFPIQWSPYXMSR SVHIV -X JSPPS[W XLI TVSGIWW SJ LYQER XLMROMRK ERH PIEHWXLIPMWXIRIVWXITF]WXITXSXLIHIWMVIHEGXMSR3RIMRHMGEXMSRSJMXWIJJIG XMZIRIWWMWXLEXMXMW[MHIP]YWIHF]TISTPI[LSQEOIXLIMVPMZMRKF]TIVWYEWMSRh IWTIGMEPP]EHZIVXMWIVW8LIRI\XXMQI]SY[EXGLXIPIZMWMSRTE]GPSWIEXXIRXMSR XS XLI GSQQIVGMEPW =SY [MPP JMRH XLEX QER] SJ XLIQ JSPPS[ XLI QSXMZEXIH WIUYIRGIEWMRXLMWI\EQTPI
',%48)6 74)%/-2+834)679%()
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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
%XXIRXMSR
-XtWEWYRR]WTVMRKHE]*PS[IVWEVIMRFPSSQERHXLI[MRHMW FPS[MRK8LIGEQIVEJSGYWIWSRX[S[SQIRFSXLMRXLIMVPEXI X[IRXMIWSVIEVP]XLMVXMIWNSKKMRKXLVSYKLEGMX]TEVO7YHHIRP] SRISJXLI[SQIRWXSTWFIRHWSZIVERHVIWXWLIVLERHWSRLIV LMTW,IVI]IWEVI[EXIVMRKERHWLIMWFVIEXLMRKLIEZMP]%XMKLXP] JVEQIHGPSWIYTLIMKLXIRWXLIWIRWIXLEXWSQIXLMRKMW[VSRK
2IIH
q%VI]SYEPPVMKLX#rEWOWLIVJVMIRHq-XtWQ]EPPIVKMIWrXLI [SQERVITPMIWq)ZIV]WTVMRKMXtWXLIWEQIXLMRK-JIIPKVIEX ERHXLIRQ]LE]JIZIVVYMRWIZIV]XLMRK=SYtHFIXXIVKSSR [MXLSYXQIr
7EXMWJEGXMSR
q-YWIHXSLEZIXLIWEQITVSFPIQrWE]WXLI[SQERtW JVMIRHq8LIR-XVMIH%PP%VVIWX-XORSGOIHSYXQ]LE]JIZIV GSQTPIXIP]2S[-GERHSIZIV]XLMRK-[ERXMRXLIWTVMRK =SYWLSYPHXV]MXr8LIERRSYRGIVMRZSMGISZIVXIPPWYW q%PP%VVIWXTVSZMHIWXLIQSWXIJJIGXMZILE]JIZIVVIPMIJEZEMPEFPIh ERH[MXLSYXGEYWMRKHVS[WMRIWWr
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
:MWYEPM^EXMSR ;IWIIXLIWEQIX[S[SQIRNSKKMRKE[IIOSVWSPEXIV&SXL EVIVYRRMRKFVMWOP]ERHFVIEXLMRKIEWMP]q8LEX%PP%VVIWXVIEPP] HSIW[SVOrWE]WXLI[SQER[LSLEHXSWXSTVYRRMRKMRXLI STIRMRKWGIRIq-JIIPPMOIERI[TIVWSRWMRGI-WXEVXIHXEOMRK MX8LEROWXS%PP%VVIWX-GERIRNS]WTVMRKEKEMRr %GXMSR
8LIEYHMIRGIMWYVKIHXSYWI%PP%VVIWX[LIRIZIVXLI]WYJJIV JVSQEPPIVKMIW
8V] YWMRK XLI QSXMZEXIH WIUYIRGI [LIR ]SY [ERX XS WTYV PMWXIRIVW XS EGXMSR=SYWLSYPHJMRHMXIEW]ERHIJJIGXMZIEWHMHSRIWXYHIRX[LSYWIHMXMR E WTIIGL YVKMRK GPEWWQEXIW XS [SVO JSV TEWWEKI SJ E PSGEP XIRERXWt VMKLXW FMPP ,IVIEVIXLILMKLPMKLXWSJLMWWTIIGL %XXIRXMSR
,EZI]SYIZIVLEHGSGOVSEGLIWVYRRMRKXLVSYKLXLIGYTFSEVHW MR]SYVETEVXQIRX#,EZI]SYW[IPXIVIHMRXLILIEXFIGEYWI XLIEMVGSRHMXMSRMRKHMHRtX[SVO#3VWLMZIVIHMRXLIGSPH FIGEYWIXLIJYVREGI[EWFVSOIR#3V[EMXIHQSRXLWJSVXLI 4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WIGYVMX]HITSWMX]SYRIZIVKSXFEGOIZIRXLSYKL]SYPIJX ]SYVETEVXQIRXEWGPIEREW[LIR]SYQSZIHMR# 2IIH
8LVSYKLSYXXLMWGMX]WXYHIRXWERHSXLIVXIRERXWEVIFIMRK ZMGXMQM^IHF]YRVIWTSRWMZIERHYRIXLMGEPPERHPSVHW.YWXPEWX ]IEVQSVIXLERGSQTPEMRXW[IVIJMPIH[MXLXLIGMX]LSYWMRK HITEVXQIRXFYXRSEGXMSRLEWFIIRXEOIREKEMRWXXLIPERHPSVHW
7EXMWJEGXMSR
8LIWITVSFPIQWGSYPHFIWSPZIHF]TEWWMRKEWXVSRKXIRERXWt VMKLXWFMPPXLEXHIJMRIWXLIVMKLXWSJXIRERXWWTIGMJMIWXLISFPM KEXMSRWSJPERHPSVHWERHMQTSWIWWXVMGXTIREPXMIWJSVZMSPEXSVW
:MWYEPM^EXMSR 7YGLFMPPWLEZI[SVOIHMRERYQFIVSJGSPPIKIGSQQYRMXMIW EGVSWWXLIREXMSR-JSRI[IVITEWWIHLIVI]SY[SYPHRS PSRKIVLEZIXS[SVV]EFSYXWYFWXERHEVHWERMXEV]SVWEJIX] GSRHMXMSRWMR]SYVETEVXQIRX=SYVPERHPSVHGSYPHRSXZMSPEXI XLIXIVQWSJ]SYVPIEWISVWXIEP]SYVWIGYVMX]HITSWMX %GXMSR
%XIRERXWtVMKLXWFMPPLEWFIIRTVSTSWIHXSXLIGMX]GSYRGMP =SYGERLIPTKIXMXTEWWIHF]WMKRMRKXLITIXMXMSR-[MPPTEWW EVSYRHEJXIVQ]WTIIGL-EPWSYVKI]SYXSLIPTF]GMVGYPEXMRK TIXMXMSRWEQSRK]SYVJVMIRHWERHF]XYVRMRKSYXXSWYTTSVX XLIFMPP[LIRMXMWHIFEXIHMRXLIGMX]GSYRGMPRI\X[IIO-J[I EPP[SVOXSKIXLIV[IGERKIXXLMWFMPPXLVSYKLXLIGSYRGMP
1SRVSItW QSXMZEXIH WIUYIRGI MW TIVJIGXP] GSQTEXMFPI [MXL XLI WXERHEVH QIXLSHSJSYXPMRMRKHMWGYWWIHMR'LETXIV8LIJSPPS[MRKSYXPMRIWLS[WLS[ SRI WTIEOIV MRGSVTSVEXIH XLIWIUYIRGI MRXS E WTIIGL YVKMRK LIVGPEWWQEXIW XS HSREXIFPSSH 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXSFIGSQIVIKYPEVFPSSHHSRSVW 'IRXVEP-HIE
&]FIGSQMRKVIKYPEVFPSSHHSRSVWGSPPIKIWXYHIRXWGERLIPT WEZIPMZIWERHVITPIRMWLXLI97FPSSHWYTTP] -RXVSHYGXMSR
%XXIRXMSR
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq8LI 9PXMQEXI+MJXrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
&SH] 2IIH
7EXMWJEGXMSR
- % VI]SYEXPIEWX]IEVWSPH#(S]SY[IMKLQSVIXLER TSYRHW#(S]SYGSRWMHIV]SYVWIPJJEMVP]LIEPXL]# -- - J]SYERW[IVIH]IWXSXLIWIUYIWXMSRW]SYWLSYPHFI HSREXMRKFPSSHIZIV]X[SQSRXLW --- %WEVIKYPEVFPSSHHSRSV-[SYPHPMOIXSWLS[[L] HSRSVWEVIMRWYGLHIWTIVEXIRIIHERHIRGSYVEKI]SYXS FIGSQIEHSRSV
',%48)6 74)%/-2+834)679%()
- 8 LIPEGOSJTEVXMGMTEXMSRF]IPMKMFPIFPSSHHSRSVWTSWIWE XLVIEXXSXLIPMZIWSJQER]%QIVMGERW % 7SQISRIMRXLI97YRHIVKSIWEFPSSHXVERWJYWMSR IZIV]XLVIIWIGSRHW & 8LMWEQSYRXWXSKEPPSRWSJFPSSHIZIV]LSYVSJ IZIV]HE] ' 'YVVIRXHSREXMSRPIZIPWEVIXSSPS[XSQIIXXLMWRIIH -- =SYGERLIPTF]FIGSQMRKEVIKYPEVFPSSHHSRSV % =SYGERHSREXIEX]SYVPSGEP6IH'VSWW & 8LITVSGIWWMWWMQTPIIEW]ERHTEMRPIWW
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1SRVSItWQSXMZEXIH WIUYIRGIMWIWTIGMEPP] YWIJYPJSVTIVWYEWMZIWTIEOIVW [LSWIIOMQQIHMEXIEGXMSR JVSQXLIMVPMWXIRIVWEWMWXLI GEWI[MXLEGXSVERHEGXMZMWX (ERR]+PSZIVMRXLMWEHHVIWW XSKEVQIRX[SVOIVW
:MWYEPM^EXMSR
--- )ZIV]YRMXSJFPSSH]SYHSREXIGERLIPTWEZIXLVIIPMZIW % 8LIFPSSHMWHMZMHIHMRXSVIHFPSSHGIPPW[LMXIFPSSH GIPPWERHTPEXIPIXWIEGLSJ[LMGLGERLIPTEHMJJIVIRX TIVWSR & -J]SYHSREXIXMQIWE]IEV]SYGERLIPTTISTPI ' -J]SYHSREXIJSV]IEVW]SYGERLIPTWEZIXLIPMZIW SJTISTPI 'SRGPYWMSR
%GXMSR
- 7 S-IRGSYVEKIIEGLSJ]SYXSFIGSQIEVIKYPEVFPSSHHSRSV -- + MZIXLIYPXMQEXIKMJXhXLIKMJXSJPMJI
8V]YWMRKXLIQSXMZEXIHWIUYIRGI[LIR]SYWIIOMQQIHMEXIEGXMSRJVSQ ]SYVPMWXIRIVW3ZIVXLI]IEVWMXLEW[SVOIHJSVGSYRXPIWWWTIEOIVWhERHMXGER [SVOJSV]SYEW[IPP
7EQTPI7TIIGL[MXL'SQQIRXEV]
8LIJSPPS[MRKTIVWYEWMZIWTIIGLHIEPW[MXLEUYIWXMSRSJTSPMG]ERHTVSZMHIW ER I\GIPPIRX I\EQTPI SJ TVSFPIQGEYWIWSPYXMSR WXVYGXYVI %W ]SY VIEH XLI WTIIGLRSXMGILS[XLIWTIEOIVHIEPW[MXLXLIMWWYIWSJRIIHTPERERHTVEGXM GEPMX] 2SXMGI EPWS LS[ WLI YWIW WXVSRK [IPPGLSWIR WYTTSVXMRK QEXIVMEPW XS FEGO YT LIV TSMRX SJ ZMI[ SR [LEX WLI ORI[ [SYPH FI ER YRTSTYPEV MWWYI EQSRKLIVGPEWWQEXIW*MREPP]SFWIVZILS[GPIEVERHYRGPYXXIVIHXLIWTIIGL MW8LIVIEVIJI[[EWXIH[SVHWERHXLIMHIEWTVSKVIWWGPIERP]ERHGVMWTP]
GSRRIGXPYGEWGSQ :MI[q4YXXMRKXLI&VEOIWSR 8IIREKI(VMZMRKrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4 YXXMRKXLI&VEOIWSR8IIREKI(VMZMRK '311)28%6=
74))',
8LI WTIEOIV FIKMRW [MXL E ZMZMH VMGLP] HIXEMPIH WXSV] XLEX KEMRW EXXIRXMSR ERH HVE[WXLIEYHMIRGIMRXSXLIWTIIGL
3REGLMPP]2SZIQFIVRMKLXX[S]IEVWEKSE*SVH)\TPSVIV[EW GLEVKMRK HS[R E 'EPMJSVRME LMKL[E] 8LI ]IEVSPH HVMZIV ERHXLVIISJLMWJVMIRHW[IVIVIXYVRMRKJVSQEGSRGIVXMR0SW %RKIPIW8LIWI]SYRKTISTPI[IVIKSSHWXYHIRXWKMJXIHEXL PIXIWXEPIRXIHEVXMWXWERHQYWMGMERW%RHRSRI[IVIHVYROSV MQTEMVIHF]HVYKW
%W XLI WTIEOIV GSQTPIXIW LIV STIRMRK WXSV]WLIVIZIEPWXLEXSRISJXLIWXYHIRXW MRNYVIH MR XLI EGGMHIRX [EW LIV RITLI[ 8LMWTIVWSREPMRZSPZIQIRXLIPTWIWXEFPMWL LIVGVIHMFMPMX]ERHKSSH[MPPFSXLSJ[LMGL EVIZMXEP[LIRSRIMWWTIEOMRKSREGSRXVS ZIVWMEPWYFNIGX
8LI] [IVI LS[IZIV HVMZMRK XSS JEWX ERH XLI HVMZIV PSWX GSRXVSP SJ XLI GEV 8LI GEV [IRX MRXS E HMXGL ERH LMX EXVII8LI HVMZIVERHSRITEWWIRKIV[IVI OMPPIH8LISXLIV X[S TEWWIRKIVW IWGETIH [MXL WIZIVI MRNYVMIW 3RI SJ XLIWI TEWWIRKIVW[EWQ]RITLI[8SHE]LIMWJMRMWLMRKLMKLWGLSSP MR E [LIIPGLEMV E [LIIPGLEMV LI [MPP SGGYT] JSV XLI VIWX SJ LMWPMJI
8LI WTIEOIV WXVIRKXLIRW LIV GVIHMFMPMX] ERHVIZIEPWXLIGIRXVEPMHIESJLIVWTIIGL
9RJSVXYREXIP] XVEKMG EYXS EGGMHIRXW MRZSPZMRK XIIREKI HVMZIVWEVIQYGLXSSGSQQSRMREPPTEVXWSJXLI9RMXIH7XEXIW %JXIV VIWIEVGLMRK XLI WYFNIGX JSV Q] WTIIGL - LEZI GSQI XS XLI WEQI GSRGPYWMSR EW XLI I\TIVXWhXLEX XLI FIWX [E] XS TVIZIRXWYGLEGGMHIRXWMWXSVEMWIXLIEKIJSVJYPPHVMZMRKTVMZM PIKIWXSSVSPHIV
8LIWTIEOIVYWIWLIVEYHMIRGIEREP]WMWWYV ZI] FSXL XS EGORS[PIHKI LIV GPEWWQEXIWt STTSWMXMSRXSVEMWMRKXLIHVMZMRKEKIERHXS WXVIWW XLIMV VIGSKRMXMSR XLEX XLIVI EVI VIE WSRW XSGSRWMHIV MRWXMXYXMRK WYGL ETSPMG] %JXIV EWOMRK XLIQ XS PMWXIR [MXL ER STIR QMRH WLI TVIZMI[W XLI QEMR TSMRXW WLI [MPPHMWGYWWMRXLIFSH]SJXLIWTIIGL
- ORS[ JVSQ Q] EYHMIRGIEREP]WMW UYIWXMSRREMVI XLEX QSWX SJ ]SY STTSWI WYGL E TPER &YX - EPWS ORS[ JVSQ Q] UYIWXMSRREMVIW XLEX QSWX SJ ]SY VIGSKRM^I XLEX ERH ]IEVSPHHVMZIVWEVIPIWWWOMPPIHERHPIWWVIWTSRWMFPIXLERSPHIV HVMZIVW 7S - EWO ]SY XS PMWXIR [MXL ER STIR QMRH [LMPI [I HMWGYWWWSQISJXLITVSFPIQWEWWSGMEXIH[MXLXIIREKIHVMZMRK XLI QENSV GEYWIW SJ XLI TVSFPIQW ERH E TPER XLEX [MPP KS E PSRK[E]XS[EVHWSPZMRKXLITVSFPIQW
8LMW WTIIGL MW SVKERM^IH MR TVSFPIQ GEYWIWSPYXMSRSVHIV,IVIXLIWTIEOIVWXEVXW XLIFSH]F]MHIRXMJ]MRKXLITVSFPIQhXLI PEVKI RYQFIV SJ EGGMHIRXW HIEXLW ERH MRNYVMIW MRZSPZMRK XIIREKI HVMZIVW 7LI WYTTSVXW LIV GPEMQ [MXL WXEXMWXMGW JVSQ XLI2EXMSREP,MKL[E]8VEJJMG7EJIX]%HQMR MWXVEXMSR %W ]SY GER WII JVSQ XLI ZMHIS SJXLIWTIIGLMRXLISRPMRI1IHME0MFVEV] JSV XLMW GLETXIV WLI YWIW 4S[IV4SMRX XS TVIWIRXLIVWXEXMWXMGWERHXSLIMKLXIRXLIMV MQTEGXEWWLIQSZIWJVSQJMKYVIXSJMKYVI
2SQEXXIVLS[SRIPSSOWEXXLIIZMHIRGIMXEPPPIEHWXS SRIJEGX8LIVIEVIXSSQER]QSXSVZILMGPIEGGMHIRXWHIEXLW ERH MRNYVMIW MRZSPZMRK XIIREKI HVMZIVW %GGSVHMRK XS XLI 2EXMSREP,MKL[E]8VEJJMG7EJIX]%HQMRMWXVEXMSR[LMPIXIIREK IVW QEOI YT TIVGIRX SJ XLI REXMSRtW PMGIRWIH HVMZIVW XLI] VITVIWIRXTIVGIRXSJEPPQSXSVZILMGPIJEXEPMXMIW8LI2,87% VITSVXWXLEXPEWX]IEVHVMZIVWEKIHXS[IVIOMPPIH MREYXSQSFMPIEGGMHIRXW-REHHMXMSRXSOMPPMRKXLIHVMZIVWXLIWI WEQI EGGMHIRXW XSSO XLI PMZIW SJ XIIREKI TEWWIRKIVW &YX XLIWI EGGMHIRXW HMHRtX EJJIGX XIIREKIVW EPSRI 8LI] EPWS XSSOXLIPMZIWSJTISTPIEKIHSVSPHIV7SXLIXSXEP RYQFIV SJ TISTPI OMPPIH PEWX ]IEV MR EYXSQSFMPI EGGMHIRXW MRZSPZMRKXIIREKIHVMZIVW[EWhEPQSWXI\EGXP]XLIRYQ FIVSJJYPPXMQIWXYHIRXWEXXLMWGEQTYW
',%48)6 74)%/-2+834)679%()
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%WMRXLITVIZMSYWTEVEKVETLXLIWXEXMWXMGW LIVIGSQIJVSQGVIHMFPIGPIEVP]MHIRXMJMIH WSYVGIW %PXLSYKL QSWX PMWXIRIVW HMH RSX JEZSVXLIWTIEOIVtW TSWMXMSREXXLIWXEVXSJ LIV WTIIGL XLI WXVIRKXL SJ LIV IZMHIRGI IZIRXYEPP] PIH WSQI XS GSRGIHI XLEX LIV TSWMXMSRRIIHIHXSFIXEOIRWIVMSYWP]
)ZMHIRGI EPWS WLS[W XLEX XLI ]SYRKIV XLI HVMZIV XLI KVIEXIVXLIVMWO%GGSVHMRKXSXLI-RWYVERGI-RWXMXYXIJSV,MKL [E] 7EJIX] ]IEVSPHW LEZI qXLI LMKLIWX TIVGIRXEKI SJ GVEWLIWMRZSPZMRK WTIIHMRKXLILMKLIWXTIVGIRXEKISJWMRKPI ZILMGPIGVEWLIWERHXLILMKLIWXTIVGIRXEKISJGVEWLIWMRZSPZ MRKHVMZIVIVVSVr1SVISZIVEW97%8SHE]VITSVXW]IEVSPHW EVIXLVIIXMQIWQSVIPMOIP]XSFIMRZSPZIHMRJEXEPGVEWLIWXLER EVISPHIVHVMZIVW
% XVERWMXMSR QSZIW XLI WTIEOIV MRXS LIV WIGSRHQEMRTSMRXMR[LMGLWLII\TPSVIW JSYV QENSV GEYWIW SJ XLI TVSFPIQ 2SXMGI LS[WLIYWIWEWMKRTSWXXSMRXVSHYGIIEGL GEYWI
2S[XLEX[ItZIWIIRXLII\XIRXSJXLITVSFPIQ[IGER I\TPSVIMXWGEYWIW3RISJXLIGEYWIWMWMRI\TIVMIRGI2I[HVMZ IVWNYWXLEZIRtXLEHIRSYKLXMQISRXLIVSEHXSHIZIPSTXLIMV HVMZMRK WOMPPW &YX MRI\TIVMIRGI MW JEV JVSQ XLI SRP] GEYWI SJ XLI TVSFPIQ %JXIV EPP XLIVI [MPP EP[E]W FI MRI\TIVMIRGIH HVMZIVWhIZIRMJXLIHVMZMRKEKIMWVEMWIHXSSVIZIRXS
8LI IZMHIRGI MR XLMW TEVEKVETL GSRRIGXW XLI XIRHIRG] SJ ]SYRKIV HVMZIVW XS XEOI HERKIVSYW VMWOW [MXL XLI WXEXI SJ FVEMR HIZIPSTQIRXEQSRK]IEVSPHW-REHHM XMSRXSGSQMRKJVSQVIWTIGXIHWSYVGIWXLI IZMHIRGI TVSZMHIW E WGMIRXMJMG JSYRHEXMSR JSV[LEXXLIWTIEOIVtWEYHMIRGIORI[JVSQ XLIMVS[RI\TIVMIRGIEFSYXXLITVSTIRWMX] JSVVMWOXEOMRKEQSRKXIIREKIVW
% WIGSRH GEYWI MW VIZIEPIH F] FVEMR VIWIEVGL *MRHMRKW JVSQ XLI 2EXMSREP -RWXMXYXI SJ 1IRXEP ,IEPXL WLS[ XLEX XLI FVEMR SJ ER EZIVEKI ]IEVSPH LEW RSX HIZIPSTIH XS XLI TSMRX[LIVILISVWLIMWEFPIXSIJJIGXMZIP]NYHKIXLIVMWOSJE KMZIRWMXYEXMSR(V.E]+MIHH[LSPIHXLIVIWIEVGLXIEQXLEX GSRHYGXIH XLI WXYH] WXEXIW q;LIR E WQEVX XEPIRXIH ERH ZIV] QEXYVI XIIR HSIW WSQIXLMRK XLEX E TEVIRX QMKLX GEPP sWXYTMHt MXtW XLMW YRHIVHIZIPSTIH TEVX SJ XLI FVEMR XLEX LEW QSWXPMOIP]JEMPIHr7XIZIR0S[IRWXIMREQIHMGEPTVSJIWWSVEX XLI9RMZIVWMX]SJ'SPSVEHSLEWNYWXJMRMWLIHEJMZI]IEVWXYH] GSQTEVMRKXLIXVEJJMGVIGSVHWSJ]IEVSPHHVMZIVWXSHVMZIVW EKIH XS ,MW GSRGPYWMSR# q(IPMFIVEXI VMWOXEOMRK ERH HERKIVSYW ERH EKKVIWWMZI HVMZMRK FILEZMSVW TVIHSQMREXIHr EQSRKXLI]IEVSPHW
2S[XLIWTIEOIV HMWGYWWIWXLIXLMVHGEYWI SJ XLI TVSFPIQhRMKLX HVMZMRK /RS[MRK XLEXRMKLXHVMZMRKMWQSVIHERKIVSYWJSVEPP EKIKVSYTWWLIXEOIWGEVIXSRSXIXLEXMXMW TEVXMGYPEVP] TIVMPSYW JSVXIIREKIVW FIGEYWI SJXLIMVVMWOXEOMRKERHXLIMVMRI\TIVMIRGI FILMRHXLI[LIIP
% XLMVH GEYWI SJ QSXSV ZILMGPI JEXEPMXMIW EQSRK XIIR EKI HVMZIVW MW RMKLX HVMZMRK %GGSVHMRKXS 8 LI ;EWLMRKXSR 4SWX[LIR]IEVSPHWKIXFILMRHXLI[LIIPSJEGEVEJXIV HEVOXLIPMOIPMLSSHSJLEZMRKEREGGMHIRXMRGVIEWIWWIZIVEP XMQIW SZIV 3J GSYVWI RMKLXXMQI HVMZMRK MW PIWW WEJI JSV IZIV]SRI FYX MX FIGSQIW TEVXMGYPEVP] HERKIVSYW [LIR GSQFMRIH[MXLE]SYRK HVMZIVtW MRI\TIVMIRGIERH VIHYGIH EFMPMX]XSKEYKIVMWO
8LMW TEVEKVETL MW IWTIGMEPP] IJJIGXMZI -J ]SY[EXGLXLIWTIIGLMRXLISRPMRI1IHME 0MFVEV] JSV XLMW GLETXIV ]SY GER WII LS[ XLI WTIEOIV YWIW LIV ZSMGI KIWXYVIW ERH JEGMEPI\TVIWWMSRWXSIRLERGIXLIMQTEGXSJ LIV MHIEW ERH XS IWXEFPMWL E WXVSRK FSRH [MXLXLIEYHMIRGI
*MREPP]XLIVIMWXLITVIWIRGISJXIIREKITEWWIRKIVWMRXLI GEV;IEPPORS[[LEXMXtWPMOIXSHVMZI[MXLSYVJVMIRHWhXLI WXIVISMWYTPSYHGIPPTLSRIWEVIVMRKMRKIZIV]FSH]tWPEYKLMRK ERHLEZMRKEKSSHXMQI8LITVSFPIQMWXLEXEPPXLIWIJEGXSVW GVIEXI HMWXVEGXMSRW HMWXVEGXMSRW XLEX XSS SJXIR VIWYPX MR EGGM HIRXW MRNYV]ERH HIEXL %PPER;MPPMEQW GLMIJWGMIRXMWXEXXLI -RWYVERGI-RWXMXYXIJSV,MKL[E]7EJIX]VITSVXWXLEXSRIXIIR EKITEWWIRKIVHSYFPIWXLIVMWO SJ E JEXEP GVEWL;MXLX[S SV QSVITEWWIRKIVWXLIVMWOMWJMZIXMQIWKVIEXIV6IQIQFIVQ] RITLI[tW EGGMHIRX - QIRXMSRIH EX XLI WXEVX SJ Q] WTIIGL# 8LIVI[IVIXLVIITEWWIRKIVWMRXLIGEV
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
% XVERWMXMSR WMKREPW XLEX XLI WTIEOIV MW QSZMRK MRXS LIV XLMVH QEMR TSMRX %W MR LIVWIGSRHQEMRTSMRXWLIYWIWEWMKRTSWX XSMRXVSHYGIIEGLSJXLIWYFTSMRXW
7S XLI I\XIRX SJ XLI TVSFPIQ MW GPIEV 7S XSS EVI MXW GEYWIW ;LEX WXITW GER [I XEOI XS LIPT FVMRK EFSYX E WSPY XMSR#*MVWX[IRIIHEREXMSREPTSPMG]XLEXRSSRIGERVIGIMZI E PIEVRIVtW TIVQMX YRXMP EKI ERH RS SRI GER VIGIMZI JYPP HVMZMRKTVMZMPIKIWYRXMPEKI8LMW[MPPEPPS[]IEVSPHWXMQI XS KEMR HVMZMRK I\TIVMIRGI FIJSVI LEZMRK ER YRVIWXVMGXIH PMGIRWIERHXSVIEGLEWXEKISJFVEMRHIZIPSTQIRX[LIVIXLI] EVIFIXXIVEFPIXSLERHPIXLIVMWOERHVIWTSRWMFMPMX]SJHVMZMRK
%W XLMW WIGXMSR SJ XLI WTIIGL TVSGIIHW RSXMGILS[XLIWTIEOIVtWTPEREHHVIWWIWEPP JSYV GEYWIW SJ XLI TVSFPIQ HMWGYWWIH MR QEMR TSMRX X[ShMRI\TIVMIRGI FVEMR HIZIPSTQIRXRMKLXHVMZMRKERHXLIRYQ FIVSJXIIREKITEWWIRKIVWMREGEV
7IGSRH [I RIIH XS VIWXVMGX RMKLXXMQI HVMZMRK WS EW XS OIIT]SYRKIVHVMZIVWSJJXLIVSEH[LIRGSRHMXMSRWEVIVMWOMIWX 7SQI WXEXIW LEZI XVMIH XS EHHVIWW XLMW TVSFPIQ F] FERRMRK XIIREKIVW JVSQ HVMZMRK EJXIV QMHRMKLX SV %1 FYX EW XLI -RWYVERGI-RWXMXYXIJSV,MKL[E]7EJIX]VITSVXWXLIWIPE[WHSRtX KSJEVIRSYKL%GGSVHMRKXSXLI-RWXMXYXI[IRIIHE 41 SV41PMQMXYRXMPHVMZIVWVIEGLXLIEKISJ
&IGEYWIXLIWTIEOIVMWRSXEREYXLSVMX]SR LMKL[E] WEJIX] WLI YWIW I\TIVX XIWXMQSR] XS TVSZI XLEX LIV TPER [MPP VIHYGI XIIREKI HVMZMRK JEXEPMXMIW 2SXMGI LS[ QYGL PIWW IJJIGXMZIXLIWTIIGL[SYPHFIMJXLIWTIEOIV LEHQIVIP]WXEXIHXLIWXITWSJLIVTPER[MXL SYXTVSZMHMRKIZMHIRGISJMXWIJJIGXMZIRIWW
8LMVH[IRIIHXSVIWXVMGXXLIRYQFIVSJXIIREKITEWWIRKIVW MR GEVW HVMZIR F] ]SYRKIV HVMZIVW -R JEGX WE]W /IZMR 5YMRPER JVSQ XLI 2EXMSREP 8VERWTSVXEXMSR 7EJIX] &SEVH qTEWWIRKIV VIWXVMGXMSRMWXLIJMVWXERHJSVIQSWXQIEWYVI]SYGERXEOIrXS VIHYGI XIIREKI HVMZMRK JEXEPMXMIW %GGSVHMRK XS 5YMRPER XLI STXMQEPTSPMG][SYPHFIXSFEVHVMZIVWEKISV]SYRKIVJVSQ LEZMRKER]TEWWIRKIVWMRXLIGEVYRPIWWXLIVMHIVWEVIEHYPXWSV JEQMP]QIQFIVW(VMZIVWJVSQXLIEKISJXSWLSYPHRSX FIEPPS[IHXSGEVV]QSVIXLERSRIXIIREKITEWWIRKIV
,IVIXLIWTIEOIVHIEPW [MXL XLISFNIGXMSR XLEXLIVTPER[SYPHFILEVWLERHMRGSRZI RMIRX 8LI UYSXEXMSR JVSQ E JEXLIV [LS PSWXLMWXIIREKIWSRMREGEVEGGMHIRXTYXW XLI LEVWLRIWW MWWYI MR TIVWTIGXMZI ERH JSVGIWPMWXIRIVWXSXLMROEFSYXXLIXVEHISJJ FIX[IIRWEZMRKPMZIWERHMRWXMXYXMRKXSYKLIV HVMZMRKEKIVIUYMVIQIRXW
2S[ - ORS[ EPP SJ XLMW QMKLX WSYRH LEVWL ERH TIVLETW MRGSRZIRMIRX FYX XLI IZMHIRGI MW GPIEV XLEX MX [SYPH WEZI E WMKRMJMGERXRYQFIVSJPMZIWq-J]SY[ERXXSHMWGYWWLEVWLrWEMH SRI JEXLIV [LSWI ]IEVSPH WSR HMIH MR ER EGGMHIRX XLVII ]IEVWEKSq-GERXEPOXS]SYEFSYXLEVWL-XtWFIMRKE[EOIRIH EXMRXLIQSVRMRKF]XLI7XEXI4EXVSPXIPPMRK]SYXLEX]SYV WSRLEWNYWXFIIROMPPIHr
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7TIEOMRKMR7QEPP +VSYTW
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8LI1G+VE[n,MPP 'SQTERMIW
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GSRWIRWYW %KVSYTHIGMWMSRXLEXMW EGGITXEFPIXSEPPQIQFIVWSJ XLIKVSYT
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tWWII 8LI GSWXGYXXMRK KVSYT LEH TSWWMFPI WSPYXMSRW XS IZEPYEXI 8LVII [IVI VINIGXIH FIGEYWI XLI] ZMSPEXIH XLI KVSYTtW GVMXIVMSR XLEX ER EGGITXEFPI WSPYXMSR QYWX MRZSPZI SRP]
',%48)6 74)%/-2+-271%00+63947
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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tWTVIWXMKI*MREPP]XLIWYK KIWXMSRXSVIHYGIEHQMRMWXVEXMZIqJEXr[EWVINIGXIHEWXSSGSWXP]FIGEYWIEKVSYT[SYPH LEZIXSFIIWXEFPMWLIHXSEYHMXEPPEHQMRMWXVEXMZIHYXMIW %JXIVVIJMRMRKXLIWYKKIWXMSRWXLIKVSYTJMREPP]VIEGLIHGSRWIRWYWSREWSPYXMSRXLEX MRGPYHIHXLIJSPPS[MRKTVSZMWMSRW %WXYHIRXWLSYPHRSXLEZIXSWTIRHQSVIXLER SR VIUYMVIH FSSOW JSV ER] WMRKPIGSYVWI 8LI YRMZIVWMX]WLSYPH EYXLSVM^I XLI WXYHIRX KSZIVRQIRX XS SVKERM^I JSSH FSSO ERH GPSXLMRK GSSTW 8LI WXYHIRX KSZIVRQIRX WLSYPH GSRHYGX JMZI JYRHVEMWMRK TVSNIGXW IEGL EGEHIQMG ]IEV )EGL TVSJIWWSV WLSYPH XIEGLSRIQSVIGPEWWE]IEV
3RGIGSRWIRWYWLEWFIIRVIEGLIHXLIKVSYTMWVIEH]XSTVIWIRXMXWJMRHMRKW
4VIWIRXMRKXLI6IGSQQIRHEXMSRWSJXLI+VSYT
8LI[SVOSJETVSFPIQWSPZMRKKVSYTHSIWRSXIRH[MXLXLIPEWXWXEKISJXLI VIJPIGXMZIXLMROMRK TVSGIWW 3RGI E KVSYT LEW EKVIIH SR MXW VIGSQQIRHE XMSRWMXYWYEPP]RIIHWXSTVIWIRXXLIQXSWSQIFSH]%FYWMRIWWKVSYTQMKLX VITSVXXSXLITVIWMHIRXSJXLIGSQTER]SVXSXLIFSEVHSJHMVIGXSVW%TVIWM HIRXMEP GSQQMWWMSR VITSVXW XS XLI 4VIWMHIRX ERH XS XLI REXMSR EX PEVKI % GPEWWVSSQ KVSYT VITSVXW XS XLI MRWXVYGXSV ERH XS XLI VIWX SJ XLI GPEWW 8LI TYVTSWI SJ WYGL VITSVXW MW XS TVIWIRX XLI KVSYTtW VIGSQQIRHEXMSRW GPIEVP] ERHGSRZMRGMRKP] 7SQIXMQIW E KVSYT [MPP TVITEVIE JSVQEP [VMXXIR VITSVX 3JXIRLS[IZIV XLI [VMXXIR VITSVX MW WYTTPIQIRXIH [MXLhSV VITPEGIH F]hER SVEP VITSVX E W]QTSWMYQSVETERIPHMWGYWWMSR
36%06)4368 %RSVEPVITSVXMWQYGLXLIWEQIMRGSRXIRXEWE[VMXXIRVITSVX-JXLIKVSYTLEW EHIWMKREXIHPIEHIVWLISVLI[MPPTVSFEFP]HIPMZIVXLIVITSVX3XLIV[MWIXLI KVSYT[MPPWIPIGXSRITIVWSRJSVXLINSF -J]SYEVITMGOIHXSTVIWIRX]SYVKVSYTtWVITSVX]SYWLSYPHETTVSEGLMXEW ]SY[SYPHER]SXLIVWTIIGL=SYVXEWOMWXSI\TPEMRXLIKVSYTtWTYVTSWITVS GIHYVIWERHVIGSQQIRHEXMSRW=SYVVITSVXWLSYPHLEZIXLVIIQEMRWIGXMSRW 8LI MRXVSHYGXMSR [MPP WXEXI XLI TYVTSWI SJ XLI VITSVX ERH TVIZMI[ MXW QEMR TSMRXW8LIFSH][MPPWTIPPSYXXLITVSFPIQEHHVIWWIHF]]SYVKVSYTXLIGVMXI VME WIX JSV E WSPYXMSR ERH XLI WSPYXMSR FIMRK VIGSQQIRHIH 8LI GSRGPYWMSR [MPPWYQQEVM^IXLIQEMRTSMRXWERHMRWSQIGEWIWYVKIXLEXXLIKVSYTtWVIG SQQIRHEXMSRWFIEHSTXIH %W[MXLER]SXLIVWTIIGL]SYWLSYPHEHETX]SYVVITSVXXSXLIEYHMIRGI 9WI WYTTSVXMRK QEXIVMEPW XS GPEVMJ] ERH WXVIRKXLIR ]SYV MHIEW ERH GSRWMHIV
SVEPVITSVX %WTIIGLTVIWIRXMRKXLI JMRHMRKWGSRGPYWMSRWSV HIGMWMSRWSJEWQEPPKVSYT
4VIWIRXMRKXLI6IGSQQIRHEXMSRWSJXLI+VSYT
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
[LIXLIVYWMRKZMWYEPEMHW[MPPIRLERGI]SYVQIWWEKI1EOIWYVI]SYVPERKYEKI MWEGGYVEXIGPIEVZMZMHERHETTVSTVMEXI6ILIEVWIXLIVITSVXWS]SYGERHIPMZIV MXJPYIRXP]ERHHIGMWMZIP]%JXIV[EVH]SYhERHTSWWMFP]SXLIVQIQFIVWSJXLI KVSYThQE]FIGEPPIHSRXSERW[IVUYIWXMSRWJVSQXLIEYHMIRGI
7=1437-91 W]QTSWMYQ %TYFPMGTVIWIRXEXMSRMR[LMGL WIZIVEPTISTPITVIWIRXTVITEVIH WTIIGLIWSRHMJJIVIRXEWTIGXWSJ XLIWEQIXSTMG
%W]QTSWMYQGSRWMWXWSJEQSHIVEXSVERHWIZIVEPWTIEOIVWWIEXIHXSKIXLIVMR JVSRXSJEREYHMIRGI-JXLIKVSYTTVIWIRXMRKXLIW]QTSWMYQLEWEHIWMKREXIH PIEHIV LI SV WLI [MPP X]TMGEPP] FI XLI QSHIVEXSV 8LI QSHIVEXSVtW NSF MW XS MRXVSHYGIXLIXSTMGERHXLIWTIEOIVW)EGLWTIEOIVHIPMZIVWETVITEVIHWTIIGL SREHMJJIVIRXEWTIGXSJXLIXSTMG%JXIVXLIWTIIGLIWXLIVIQE]FIEUYIWXMSR ERHERW[IVWIWWMSR 8LIW]QTSWMYQMWSJXIRYWIHJSVKVSYTVITSVXWMRWTIIGLGPEWWIW3RI[E] XSSVKERM^IMXMWXSLEZIIEGLQIQFIVSJXLIKVSYTTVIWIRXEFVMIJXEPOWOIXGLMRK XLIKVSYTtW[SVOERHHIGMWMSRWHYVMRKSRIWXEKISJXLIVIJPIGXMZIXLMROMRKTVS GIWW %RSXLIV[E] MWXSLEZIIEGLWTIEOIVHIEP[MXLEQENSVMWWYIVIPEXMRKXS XLI HMWGYWWMSR XSTMG % KVSYT HIEPMRK [MXL GETMXEP TYRMWLQIRX JSV I\EQTPI QMKLXLEZISRIWTIEOIVTVIWIRXXLIKVSYTtWGSRGPYWMSRSRXLIMWWYISJ[LIXLIV GETMXEPTYRMWLQIRXMWERIJJIGXMZIHIXIVVIRXXSGVMQIERSXLIVWTIEOIVTVIWIRX XLIKVSYTtWTSWMXMSRSRXLIQSVEPMX]SJGETMXEPTYRMWLQIRXERHWSJSVXL %PPXLIWTIIGLIWWLSYPHFIGEVIJYPP]TPERRIH8LI]WLSYPHEPWSFIGSSVHM REXIH[MXLSRIERSXLIVXSQEOIWYVIXLIW]QTSWMYQVITSVXWSREPPMQTSVXERX EWTIGXWSJXLIKVSYTtWTVSNIGX
TERIPHMWGYWWMSR %WXVYGXYVIHGSRZIVWEXMSRSRE KMZIRXSTMGEQSRKWIZIVEP TISTPIMRJVSRXSJEREYHMIRGI
% TERIP HMWGYWWMSR MW IWWIRXMEPP] E GSRZIVWEXMSR MR JVSRX SJ ER EYHMIRGI 8LI TERIP WLSYPH LEZI E QSHIVEXSV [LS MRXVSHYGIW XLI XSTMG ERH XLI TERIPMWXW 3RGIXLIHMWGYWWMSRMWYRHIV[E]XLIQSHIVEXSVQE]MRXIVNIGXUYIWXMSRWERH GSQQIRXWEWRIIHIHXSJSGYWXLIHMWGYWWMSR8LITERIPMWXWWTIEOFVMIJP]MRJSV QEPP] ERH MQTVSQTXY 8LI] XEPO XS IEGL SXLIV FYX PSYHP] IRSYKL JSV XLI EYHMIRGIXSLIEV%W[MXLEW]QTSWMYQETERIPHMWGYWWMSRQE]FIJSPPS[IHF] EUYIWXMSRERHERW[IVWIWWMSR &IGEYWISJMXWWTSRXERIMX]ETERIPHMWGYWWMSRGERFII\GMXMRKJSVTEVXMGMTERXW ERHEYHMIRGIEPMOI&YXYRJSVXYREXIP]XLEXWTSRXERIMX]MRLMFMXWW]WXIQEXMGTVI WIRXEXMSR SJ E KVSYTtW VIGSQQIRHEXMSRW 8LYW XLI TERIP HMWGYWWMSR MW WIPHSQ YWIH F] TVSFPIQWSPZMRK KVSYTW EPXLSYKL MX GER [SVO [IPP JSV MRJSVQEXMSR KEXLIVMRKKVSYTW -J]SYEVIETEVXMGMTERXMRETERIPHMWGYWWMSRFI[EVISJXLIGSQQSRJEP PEG] XLEX RS WIVMSYW TVITEVEXMSR MW VIUYMVIH %PXLSYKL ]SY [MPP WTIEO MQTVSQTXY ]SY RIIH XS WXYH] XLI XSTMG ELIEH SJ XMQI EREP]^I XLI QENSV MWWYIWERHQETSYXXLITSMRXW]SY[ERXXSQEOI%RIJJIGXMZITERIPHMWGYW WMSR EPWS VIUYMVIW TPERRMRK F] XLI QSHIVEXSV ERH TERIPMWXW XS HIGMHI [LEX MWWYIW[MPPFIHMWGYWWIHERHMR[LEXSVHIV*MREPP]EPPTERIPMWXWQYWXFI[MPP MRKXSWLEVIXEPOMRKXMQIWSXLIHMWGYWWMSRMWRSXQSRSTSPM^IHF]SRISVX[S TISTPI ;LEXIZIVQIXLSH]SYVKVSYTYWIWXSTVIWIRXMXWJMRHMRKW]SY[MPPFIRIJMX JVSQ XLI TYFPMG WTIEOMRK KYMHIPMRIW KMZIR XLVSYKLSYX XLMW FSSO 8LI XIGL RMUYIW SJ IJJIGXMZI WTIIGL VIQEMR XLI WEQI [LIXLIV ]SY EVI SRI TIVWSR EHHVIWWMRK ER EYHMIRGI TEVX SJ E WQEPP KVSYT SJ TISTPI [SVOMRK XS WSPZI E TVSFPIQSVETEVXMGMTERXMREW]QTSWMYQSVETERIPHMWGYWWMSR
4%2)0(-7'977-32
',%48)6 74)%/-2+-271%00+63947
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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
/)=8)617 H]EH
LMHHIREKIRHE
WQEPPKVSYT
VIJPIGXMZIXLMROMRKQIXLSH
TVSFPIQWSPZMRKWQEPPKVSYT
UYIWXMSRSJTSPMG]
PIEHIVWLMT
GVMXIVME
MQTPMIHPIEHIV
FVEMRWXSVQMRK
IQIVKIRXPIEHIV
GSRWIRWYW
HIWMKREXIHPIEHIV
SVEPVITSVX
TVSGIHYVEPRIIHW
W]QTSWMYQ
XEWORIIHW
TERIPHMWGYWWMSR
QEMRXIRERGIRIIHW
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;LEXMWEWQEPPKVSYT#;LEXMWETVSFPIQWSPZMRKWQEPPKVSYT# ;LEXEVIXLIJSYVOMRHWSJPIEHIVWLMTXLEXQE]SGGYVMREWQEPPKVSYT#)\TPEMR XLIXLVIIOMRHWSJRIIHWJYPJMPPIHF]PIEHIVWLMTMREWQEPPKVSYT ;LEXEVIXLIJMZIQENSVVIWTSRWMFMPMXMIWSJIZIV]TEVXMGMTERXMREWQEPPKVSYT# ;LEXEVIXLIWXEKIWSJXLIVIJPIGXMZIXLMROMRKQIXLSH#)\TPEMRXLIQENSVXEWOW SJEKVSYTEXIEGLWXEKI ;LEX EVI XLI XLVII QIXLSHW JSV TVIWIRXMRK SVEPP] XLI VIGSQQIRHEXMSRW SJ E TVSFPIQWSPZMRKKVSYT#
GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLI SRPMRI7XYH]%MHWJSVXLMW GLETXIV
6IZMI[5YIWXMSRW
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)ELMV'LMRS]
8LI,MHHIR;SVPHSJ'LMPM4ITTIVW 8LI,SVVSVWSJ4YTT]1MPPW &YVWXMRKXLI%RXMFEGXIVMEP&YFFPI 8LI9PXMQEXI+MJX 1]'VE^]%YRX7YI
%
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
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8LI1G+VE[n,MPP 'SQTERMIW
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5YIWXMSRWSJ'YPXYVI
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8LI1G+VE[n,MPP 'SQTERMIW
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'LETXIV
.EQIW',YQIW6SPIW7TIEOIVW4PE] 2I[=SVO,EVTIV ERH6S[ T *SVFSXLWTIIGLIWWIIq6IQEVOWF]4VIWMHIRX'PMRXSRERH 4VIWMHIRX2IPWSR1ERHIPEEX4VIWIRXEXMSRSJXLI'SR KVIWWMSREP+SPH1IHEPXS4VIWMHIRX2IPWSR1ERHIPEr 7ITXIQFIV LXXTGPMRXSRREVEKSZ;,2I[ LXQPLXQP .ERYEV] ,YQIW6SPIW7TIEOIVW4PE]TTi
'LETXIV
+PSVME.+EPERIWERH/EXLIVMRI%HEQW)JJIGXMZI+VSYT (MWGYWWMSR8LISV]ERH4VEGXMGIXLIH 2I[=SVO 1G+VE[,MPP TTi 7II'LEVPER.IERRI2IQIXLERH.EGO%+SRGEPSq-RJPY IRGIERH4IVWYEWMSRMR7QEPP+VSYTWrMR8MQSXL]' &VSGOERH1IPERMI'+VIIR IHW 4IVWYEWMSR4W]GLS PSKMGEP-RWMKLXWERH4IVWTIGXMZIWRHIH 8LSYWERH3EOW '%7EKI TTiJSVELIPTJYPVIZMI[SJ WGLSPEVWLMTSRXLMWWYFNIGX (IRRMW7+SYVERq0IEHIVWLMTEWXLI%VXSJ'SYRXIVEG XMZI-RJPYIRGIMR(IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK +VSYTWrMR6ERH]=,MVSOE[E6SFIVX7'EXLGEVX 0EVV]%7EQSZEVERH0MRHE(,IRQER IHW 7QEPP +VSYT'SQQYRMGEXMSR8LISV]ERH4VEGXMGIXLIH 0SW %RKIPIW6S\FYV] TTi 7IIJSVI\EQTPI%RHVI[.*PEREKMR,II7YR4EVOERH (EZMH67IMFSPHq+VSYT4IVJSVQERGIERH'SPPEFSVE XMZI8IGLRSPSK]%0SRKMXYHMREPERH1YPXMPIZIP%REP] WMWSJ-RJSVQEXMSR5YEPMX]'SRXVMFYXMSR)UYMX]ERH
2
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
2SXIW
1IQFIVWt7EXMWJEGXMSRMR'SQTYXIV1IHMEXIH+VSYTWr 'SQQYRMGEXMSR1SRSKVETLW i *SVQSVISRHIEPMRK[MXLGSRJPMGXMRWQEPPKVSYTWWII 7GSXX%1]IVWERH'EVSP]R%RHIVWSR8 LI*YRHEQIR XEPWSJ7QEPP+VSYT'SQQYRMGEXMSR 0SW%RKIPIW7EKI TTi 'LEVPIW4EZMXXERH/IPP]/.SLRWSRq7GLIMHIPERH 'VS[IPP6IZMWMXIH%(IWGVMTXMZI7XYH]SJ+VSYT 4VSTSWEP7IUYIRGMRKr'SQQYRMGEXMSR1SRSKVETLW i *SVVIWIEVGLSRXLMWWYFNIGXWII1MGLIPI,.EGOWSRERH 1EVWLEPP7GSXX4SSPIq-HIE+IRIVEXMSRMR2EXYVEPP]
2
8LI1G+VE[n,MPP 'SQTERMIW
3GGYVVMRK'SRXI\XW'SQTPI\%TTVSTVMEXMSRSJ7MQTPI +VSYT4VSGIHYVIr,YQER'SQQYRMGEXMSR6IWIEVGL i *SVJYVXLIVVIEHMRKSRVIWIEVGLMRWQEPPKVSYTGSQQYRM GEXMSRWII1EVWLEPP7GSXX4SSPIERH%RHVIE&,SP PMRKWLIEH IHW 8LISVMIWSJ7QEPP+VSYTW -RXIVHMWGMTPMREV]4IVWTIGXMZIW 8LSYWERH3EOW'%7EKI *SVQSVIMRJSVQEXMSRSRWQEPPKVSYTSVEPTVIWIRXEXMSRW WII/EXLIVMRI%HEQWERH+PSVME.+EPERIW'SQQYRM GEXMRKMR+VSYTW%TTPMGEXMSRWERH7OMPPWXLIH 2I[ =SVO1G+VE[,MPP TTi
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
4LSXS'VIHMXW
8LI1G+VE[n,MPP 'SQTERMIW
4LSXS'VIHMXW 'LETXIV
'LETXIV
.SIP+SVHSR4LSXSKVETL]8SQ+VMPP-427XSGO .IJJ1MXGLIPP6IYXIVW'SVFMW%FHIPLEO7IRRE %*4+IXX]-QEKIW4LSXSHMWG+IXX]-QEKIW7XIJER ;IVQYXL6IYXIVW0ERHSZ
.SIP+SVHSR4LSXSKVETL]'LVMW7XSGO 4LSXSKVETL]%PEQ]%44LSXS(SYK1MPPW
'LETXIV .MQ=SYRK6IYXIVW'SVFMW8ERRIR1EYV]8LI -QEKI;SVOW(MGO&PYQI7]VEGYWI2I[WTETIVW8LI -QEKI;SVOW8LI1G+VE[,MPP'SQTERMIW-RG)VMGE 70IIHWTLSXSKVETLIV6SKIV0;SPPIRFIVK94- 2I[WGSQ
'LETXIV 1EWXIVJMPI1MGLEIP2I[QER4LSXS)HMX-RG .EGUYI&VYRH(IWMKR'SRGITXMSRW.IJJ .EGSFWSR6IHY\
%TTIRHM\ 1ERRMG1IHME1G+VE[,MPP-RG
'LETXIV 'LVMW;EVI8LI-QEKI;SVOW8SQ7QEVX8LI 2I[=SVO8MQIW6IHY\(0-00''SVFMW .SWI0YMW4IPEI^-RG'SVFMW
'LETXIV 8MQ7LEJJIV6IYXIVW0ERHSZ&SF(EIQQVMGL8LI -QEKI;SVOW1EV[ER2EEQERM%*4+IXX]-QEKIW %44LSXS8LI+VIIR[MGL8MQI&SF0YGOI] (EZMH=SYRK;SPJJ4LSXS)HMX-RG
'LETXIV +ISVKI7LIPPI]%VX0MJI8IXVE-QEKIW+IXX] -QEKIW%44LSXS:MVKMRME1E]S6EGLIP )TWXIMR4LSXS)HMX-RG0;%7LEVMI/IRRIH] ;MPPMEQW'SVFMW
'LETXIV 0]RR+SPHWQMXL'SVFMW%44LSXS&IFIXS 1EXXLI[W%44LSXS'LVMWXSTLIV4JYLP1ERRMG 1IHME1G+VE[,MPP-RG
'LETXIV 6YFFIV&EPP%KI*SXSWXSGO(EZMH/EVT &PSSQFIVK2I[W0ERHSZ&MPP%VSR4LSXS)HMX-RG /IZMR0EQEVUYI6IYXIVW0ERHSZ
'LETXIV (EZMH=SYRK;SPJJ4LSXS)HMX-RG*VIH 4VSYWIV6IYXIVW0ERHSZ%44LSXS4EYP*VER^ 0]RR+SPHWQMXL'SVFMW.EQIW6YPMWSR 2I[7TSVX'SVFMW
'LETXIV %44LSXS/I]WXSRI1EVXMEP8VI^^MRM.SIP4EKI%4 4LSXS4EXMXYGGM4LSXS%YVSVE4LSXSW*VIH 4VSYWIV6IYXIVW0ERHSZ%*4+IXX]-QEKIW 8MQ;MQFSVRI6IYXIVW'SVFMW
'LETXIV %RHVIE1SLMR8LI2I[=SVO8MQIW6IHY\.MQ >YGOIVQER'SVFMW1ERRMG1IHME1G+VE[,MPP-RG
%TTIRHM\ 'VIEXEW4LSXSPMFVEV]'SYVXIW]SJ8LI0MFVEV] SJ'SRKVIWW(MKMXEP:MWMSR%PEQ]
'LETXIV (EZMH6*VE^MIV8LI-QEKI;SVOW%44LSXS ,EVV]'EFPYGO'PEVS'SVXIW-:6IYXIVW0ERHSZ 7Y^ERRI(I'LMPPS8LI2I[=SVO8MQIW6IHY\ (IROSY-QEKIWHVVRIX
'LETXIV %44LSXS4EYP7EOYQE%44LSXS6MGO&S[QIV 6EMRIV.IRWIR)4%'SVFMW.SIP+SVHSR 4LSXSKVETL]1EVO0I[MW87-+IXX]-QEKIW 6EQMR8EPEMI'SVFMW
'LETXIV .EQMI6IGXSV&PSSQFIVK2I[W0ERHSZ6EGLIP )TWXIMR4LSXS)HMX-RG%44LSXS(IRRMW'SSO 8MQ4ERRIPP'SVFMW7XIZI4STI&PSSQFIVK2I[W 0ERHSZ1EVMIPE0SQFEVH>YQE4VIWW 6EQMR8EPEMI'SVFMW
'LETXIV (EZMH=SYRK;SPJJ%PEQ]%44LSXS(EMER (SZEVKERIW7GSXX0SRHSR
'LETXIV
'LETXIV
&SF(EIQQVMGL8LI-QEKI;SVOW.SIP +SVHSR4LSXSKVETL](MKMXEP:MWMSR'VIEXEW ,IRRMRK/EMWIV%*4+IXX]-QEKIW&IVREVH;IMP 8SVSRXS7XEV%KI*SXSWXSGO4IXIV=EXIW'SVFMW
QSSHFSEVH7YTIV7XSGO'SVFMW6]ER 1G:E]+IXX]-QEKIW'S[7XYHMS1EH4LSXS 0MFVEV]
'
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
-RHI\
8LI1G+VE[n,MPP 'SQTERMIW
-RHI\
% %FWXVEGX[SVHW %FWXVEGXMSRWi %FWXVEGXW %FYWMZIPERKYEKITIVWSREPHMKRMX]ERH i %GGITXERGIWTIIGL %GXMSRMR1SRVSItWQSXMZEXIH WIUYIRGIi %GXMZIPMWXIRMRK %HLSQMRIQJEPPEG] %HVIREPMRI %KISJEYHMIRGI %OEOE(ERMIP %PMRWO]7EYP %PPMXIVEXMSR %QIVMGER'MZMP0MFIVXMIW9RMSR %REPSKMGEPVIEWSRMRKi %REPSK]MRZEPMHi %RMQEXMSRMR4S[IV4SMRX %RXMXLIWMW %TTIEVERGIJSGYWMRKSR %TTVIGMEXMZIPMWXIRMRK %TTVSTVMEXIRIWWSJPERKYEKIi %VMWXSXPI %VXMGYPEXMSRi %XXIRXMSRMR1SRVSItWQSXMZEXIH WIUYIRGIi %YHMIRGI EHETXMRKXSi EKISJ ERW[IVMRKUYIWXMSRWTSWIHF]i ETTVSTVMEXIRIWWSJPERKYEKIJSV EVSYWMRKGYVMSWMX]SJ GPEWWQEXIWEWi GYPXYVEPHMZIVWMX]SJi HIQSKVETLMGEREP]WMWSJi HMWTSWMXMSRSJXS[EVHXSTMGi IWXEFPMWLMRKGSQQSRKVSYRH[MXL i IWXMQEXMRK[LEXMWORS[RF]i IXLRMGFEGOKVSYRHSJi KIRHIVSJ KIXXMRKMRJSVQEXMSREFSYXi QIRXEPHMEPSKYI[MXL TW]GLSPSK]SJi UYIWXMSRMRKXLIi VIPEXMRKXLIXSTMGXSi VIPMKMSRSJ WI\YEPSVMIRXEXMSRSJi
%YHMIRGI 'SRX WMXYEXMSREPEREP]WMWSJi WXEVXPMRKXLI XEMPSVMRK]SYVQIWWEKIXSi i XEVKIXi 7IIEPWS0MWXIRIV %YHMIRGIGIRXIVIHRIWWi %YXLSVWLMTSJ-RXIVRIXHSGYQIRXW i
& &EGSR*VERGMW &EPJSYV0SVH &ERH[EKSRJEPPEG] &EVKVETL &MFPMSKVETL] HIJMRIH TVIPMQMREV] MRTVITEVEXMSRSYXPMRI &MPPSJ6MKLXW &MSKVETLMGEPEMHW &MVH[LMWXIPP6E] &SH]PERKYEKISJWTIEOIVi I]IGSRXEGXii KIWXYVIW QSZIQIRXi TIVWSREPETTIEVERGI &SH]SJWTIIGL MRTVITEVEXMSRSYXPMRIi TVIZMI[MRKi &VEMRWXSVQMRKi GPYWXIVMRKi HIJMRIH -RXIVRIXWIEVGLi TIVWSREPMRZIRXSV] VIJIVIRGIWIEVGL &VMIJI\EQTPI &YVHIRSJTVSSJ &YVOI/IRRIXL
' 'EPEFVS.SERRIi 'EPPRYQFIV 'EXEPSKYIPMFVEV] 'EYWEPSVHIVi 'EYWEPVIEWSRMRKi 'IRXVEPMHIEi KYMHIPMRIWJSVi MRTVITEVEXMSRSYXPMRI
'LEQFIVW.SLR 'LERRIP 'LEVEGXIV 'LEVXWEWZMWYEPEMHWi 'LIGOPMWXW GIRXVEPMHIE GMXEXMSRSJWYTTSVXMRKQEXIVMEP GSRGPYWMSR IXLMGEPTYFPMGWTIEOMRK IZEPYEXMRK-RXIVRIXHSGYQIRXW IZMHIRGI I\EQTPIW MRXVSHYGXMSR QEMRTSMRXW TVITEVEXMSRSYXPMRI VIJPIGXMZIXLMROMRKQIXLSH WTIEOMRK[MXLGSRJMHIRGI WTIGMJMGTYVTSWI WXEXMWXMGW XIWXMQSR] ZMWYEPEMHW TVITEVEXMSRSJ ZMWYEPEMHW TVIWIRXEXMSRSJ 'LMRS]7ENNMH>ELMVi%i 'LVSRSPSKMGEPSVHIVi 'LYVGLMPP;MRWXSRi i 'MGIVS 'MXEXMSRSJWYTTSVXMRKQEXIVMEP i 'PMGLÍ 'PMRXSR&MPP 'PYWXIVMRKi 'PYXXIVIPMQMREXMRKi 'SPSVMRZMWYEPEMHW 'SQQIQSVEXMZIWTIIGLIWi 'SQQSRKVSYRHGVIEXMRKi 'SQQYRMGEXMSR RSRZIVFEP X[S[E]i 'SQQYRMGEXMSRWOMPPW MQTSVXERGISJ 7IIEPWS7TIIGLGSQQYRMGEXMSRTVSGIWW 'SQTEVEXMZIEHZERXEKIWSVHIVi 'SQTEVMWSR 'SQTIXIRGIi 'SQTVILIRWMZIPMWXIRMRK 'SRGIRXVEXMSRHYVMRKPMWXIRMRKi 'SRGITXW HIJMRIH WTIIGLIWEFSYXi
-
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
'SRGPYWMSRi GLIGOPMWXJSV MRTVITEVEXMSRSYXPMRIi EWVIMRJSVGIQIRXSJGIRXVEPMHIE i WEQTPI[MXLGSQQIRXEV] EWWMKREPSJIRHSJWTIIGLi XMTWJSVTVITEVMRK 'SRGVIXI[SVHW 'SRJMHIRGI HIZIPSTMRKi WTIEOMRK[MXL 'SRRIGXMZIW MRXIVREPTVIZMI[W MRXIVREPWYQQEVMIW WMKRTSWXWi XVERWMXMSRWi 'SRRSXEXMZIQIERMRKi 'SRVEH.SWITL 'SRWIRWYWi 'SRXVEWX 'SRZIVWEXMSRTYFPMGWTIEOMRKERHi 'SRZIVWEXMSREPUYEPMX]SJHIPMZIV] 'ST]VMKLX 'VIHMFMPMX] FYMPHMRKi HIJMRIH HIVMZIH IRLERGMRKi JEGXSVWSJ MRMXMEP XIVQMREP X]TIWSJi 'VIHSJSV)XLMGEP'SQQYRMGEXMSR 'VIWGIRHSIRHMRK 'VMXIVME 'VMXMGEPPMWXIRMRK 'VMXMGEPXLMROMRK PMWXIRMRKERHi TYFPMGWTIEOMRKERHi 'VSWWVIJIVIRGI 'YPXYVEPFEGOKVSYRHSJEYHMIRGI i 'YPXYVEPHMZIVWMX]i SJEYHMIRGIi IXLRSGIRXVMWQi MRGPYWMZIPERKYEKIi QYPXMGYPXYVEP-RXIVRIXVIWSYVGIW TYFPMGWTIEOMRKERHi WXIVISX]TMRK
( (IPMZIV] ERW[IVMRKEYHMIRGIUYIWXMSRW i FSH]PERKYEKIi GVIHMFMPMX]ERHi HMEPIGXERHi I]IGSRXEGXERH JSGYWMRKSR KIWXYVIWERH KSSHi
-
-2()